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USDOLLAR Channel Resistance Holds – Remains Vulnerable

USDOLLAR Channel Resistance Holds – Remains Vulnerable

2012-02-06 23:33:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Channel Resistance Holds – Remains Vulnerable

Prepared by Jamie Saettele, CMT

The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) bounce from the confluence of the 61.8% retracement reversed at channel resistance, which keeps price vulnerable to fresh lows towards the November low at 9665. A move through 9794 is needed in order to trigger a bullish bias.

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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