USDollar Channel Support Near 9900
Prepared by Jamie Saettele, CMT
The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) carved out a daily key reversal last Thursday and the decline has extended below the 3/7 and 3/8 lows. Immediate focus is on the confluence of the 20 day average and potential channel support near 9900. The specter of 5 waves down from 10097 demands that we respect entertain a corrective move back to 9983-10000. Manage risk accordingly.
Bottom Line (next 5 days) – sideways / down?
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
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