USDOLLAR Spikes Higher after Completing Correction
240 Minute Bars
Prepared by Jamie Saettele, CMT
The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) is bullish as long as price is above the early month low of 9856. Pattern wise, the swings since the November high may compose a triangle. Expect support just below the current level (specifically an extension at 9915 and triangle support line at about 9900). Expectations are for a bullish reversal within the next few days.
Bottom Line – long, stop 9855
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
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