USDollar Faces Fibonacci Resistance Near 9900
Prepared by Jamie Saettele, CMT
The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) rally from the 2/8 low is nearing what is probably strong resistance from the 61.8% retracement of the 10054-9672 decline and 61.8% extension of the 9672-9878 rally. The 50 day average is already in play (9878 today). I’m looking lower as long as price is below 9900 on a daily closing basis.
Bottom Line – Lower?
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
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