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USDollar Daily Key Reversal-Base Channel Now Support

USDollar Daily Key Reversal-Base Channel Now Support

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDollar Daily Key Reversal-Base Channel Now Support

Prepared by Jamie Saettele, CMT

The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) broke through the base channel last week, which is now probably support along with a steep support line at 9985 Friday. A break through the October high is expected eventually but the daily key reversal warns of at least consolidation (corrective action) for a few days.

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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