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USDOLLAR Near Term Focus on 10193

USDOLLAR Near Term Focus on 10193

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Near Term Focus on 10193

Prepared by Jamie Saettele, CMT

“The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) is bullish against 10025. A drop below 10025 would shift focus to the 61.8% retracement of the rally from the 4/30 low at 10005, the 5/7 high at 9975 and trendline support. One would think that this zone, which was former resistance from November 2011 – January 2012 and throughout March and April, is now support. I’m also closely watching the 1995/96 pattern for clues.” A move above 10193 would still face resistance at 10220. Near term pattern is constructive above 10080.

LEVELS: 10050 10090 10115 10160 10193 10220

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for

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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.