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USDOLLAR at Lowest Level Since Early December

USDOLLAR at Lowest Level Since Early December

2012-01-25 23:25:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR at Lowest Level Since Early December

Prepared by Jamie Saettele, CMT

The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) continues to confound as price took out the weekly high before the FOMC sent the buck plunging to its lowest level since early December. The decline from the December high consists of 2 equal legs so we could get a bounce into 9870. The next level of interest on the downside is the December low at 9786.

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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