USDOLLAR Short Term Channel Support Holding – 9786 is Key
240 Minute Bars
Prepared by Jamie Saettele, CMT
The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) may be entering a period of sideways trading as the decline from the December high channels in a corrective manner. Make no mistake, a drop below 9856 would suggest that price is headed for a test of 9786 but it’s senseless to turn bearish with the short term channel holding. Resistance for Thursday is 9940 and 9965.
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
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