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USDOLLAR Channel Just above Current Level

USDOLLAR Channel Just above Current Level

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Channel Just above Current Level

Prepared by Jamie Saettele, CMT

The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) is at its highest level since January 2011. Last update noted that “near term structure is favorable above 10076 towards a new high but probably in a 5th wave. In other words, a new high probably gives way to a correction back below 10076 rather than the next major move. 10219 is a level to watch on the upside.” The index traded to 10218.99 today before coming off. Intraday action is suggestive of a reversal and a close below 10193.67 would satisfy requirements for a daily key reversal. This information combined with the resistance that looms from channel resistance just above the current level leaves bulls at risk of enduring a correction before resumption of the larger bull. 10047-10076 is support going forward.

LEVELS: 10310 10219 10154 10076 10047 10003

--- 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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