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US Dollar Early January Lows Now Resistance

US Dollar Early January Lows Now Resistance

Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_us_dollar_index_body_usdollar.png, US Dollar Early January Lows Now Resistance

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 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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