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USDOLLAR Rebounds from December Low

USDOLLAR Rebounds from December Low

2012-01-26 23:54:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Rebounds from December Low

Prepared by Jamie Saettele, CMT

The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) was able to claw back over half of its losses on the day after testing the December low (9786). A short term channel is holding as well but additional evidence is needed to favor longs. Resistance for Friday is 9835 and 9870. The next potential support is the 50% retracement of the rally from the October low at 9766.

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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