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USDOLLAR Nears November Low-Trendline is Near 9600

USDOLLAR Nears November Low-Trendline is Near 9600

2012-02-07 23:36:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Nears November Low-Trendline is Near 9600

Prepared by Jamie Saettele, CMT

The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) is nearing the November low at 9665. A drop below 9665 exposes the next level of support, which isn’t until the trendline that extends off of the July and October lows near 9600. 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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