US Dollar Early January Lows Now Resistance
240 Minute Bars
Prepared by Jamie Saettele, CMT
The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) rally from the 2/8 low consists of 2 equal legs, which is typical of a correction. This level is reinforced by former lows as well (1/2, 1/3, and 1/23…former support becomes resistance). A push through would be all the more impressive and shift focus to the 161.8% extension and 1/25 high at 9932. 9832 is support.
Bottom Line – flat
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
To contact Jamie e-mail email@example.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 firstname.lastname@example.org
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.