Daily Bars
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 and 10130/55 is support.
LEVELS: 10115 10130 10155 10191 10220 10245
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
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Jamie is the author of Sentiment in the Forex Market.
