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USDollar Supported by Former Congestion

USDollar Supported by Former Congestion

2012-03-08 00:36:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDollar Supported by Former Congestion

Prepared by Jamie Saettele, CMT

The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) has slipped from channel resistance but there is support at the current level from former congestion (extends to 9869). Near term resistance is 9911 but strength above 9946 is needed in order to trigger a run on 10000. Until then, price is vulnerable.

Bottom Line (next 5 days) – sideways

--- 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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