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USDollar Faces Fibonacci  Resistance Near 9900

USDollar Faces Fibonacci Resistance Near 9900

2012-02-22 00:04:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, 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

To contact Jamie e-mail jsaettele@dailyfx.com.  Follow me on Twitter @JamieSaettele

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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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