USDOLLAR Stabilizes but Still Under Pressure
Prepared by Jamie Saettele, CMT
The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) has stabilized at the 50% retracement of the rally from the October low since Friday’s sharp drop but remains pressured as long as price is under today’s high (9816). The next level of support isn’t until the confluence of the 61.8% retracement and series of November lows from 9665 to 9690. Exceeding 9816 shifts focus higher to 9837/56.
Bottom Line – flat
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
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