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USDOLLAR Reverses Sharply

USDOLLAR Reverses Sharply

2012-01-31 00:21:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Candles

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Reverses Sharply

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

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

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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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