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USDollar at Channel Resistance

USDollar at Channel Resistance

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDollar at Channel Resistance

Prepared by Jamie Saettele, CMT

“The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) may be turning the corner. Technically, bulls’ position is now supported by the 20 day average hold, 2/29 reversal and break above the confluence of the trendline resistance and the 50 day average. A bullish bias is warranted as long as price is above 9836. Interim resistance is 9940 but focus is on the trendline near 10000.” Beware of a pause here as price is testing channel resistance. 9890 and 9870 are supports in the coming days.

Bottom Line (next 5 days) – higher

--- 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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