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USDollar Reverses at Channel Resistance

USDollar Reverses at Channel Resistance

2012-02-16 23:46:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDollar Reverses at Channel Resistance

Prepared by Jamie Saettele, CMT

The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) rally from the 2/8 low reversed right at channel resistance and former support from the early January lows. The strong level should give way to weakness towards the support line that extends off of the August and October 2011 lows.

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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