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USDOLLAR Channel and Measured Support Just Below Current Level

USDOLLAR Channel and Measured Support Just Below Current Level

Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Channel and Measured Support Just Below Current Level

Prepared by Jamie Saettele, CMT

The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) has broken below the early month low of 9856 which puts bulls in a precarious position. Levels to watch for support in the coming days include the 100% extension of the decline from the top at 9821, the 50% retracement of the rally from the October low at 9767 and the 61.8% retracement at 9690. Exceeding 9904 would once again give scope to a bullish outcome.

Bottom Line – flat

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

To contact Jamie e-mail jsaettele@dailyfx.com.  Follow me on Twitter @JamieSaettele

To be added to Jamie’s e-mail distribution list, send an e-mail with subject line "Distribution List" to jsaettele@dailyfx.com

Jamie is the author of Sentiment in the Forex Market.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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