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USDOLLAR Trendline Resistance Turns Back Bulls

USDOLLAR Trendline Resistance Turns Back Bulls

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Trendline Resistance Turns Back Bulls

Prepared by Jamie Saettele, CMT

The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) was turned back by short term channel resistance. More importantly, the index is nearing the apex of its contracting range that has been underway since last summer. Support comes in at the current level and 9900 (former resistance and 50% retracement).

Ideas:

--- 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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