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USDOLLAR Focus Still 10220 (at least)

USDOLLAR Focus Still 10220 (at least)

2012-07-10 22:24:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Focus Still 10220 (at least)

Prepared by Jamie Saettele, CMT

The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) is bullish and risk can be moved up from 10025 to 10136. A move above 10193 would still face resistance from the 100% extension of the 10025-10190 rally at 10220. Channel resistance is slightly above 10220. A break above the channel (drawn in corrective fashion) would suggest that strength from 10025 is impulsive and focus would shift to 10323.

LEVELS: 10116 10136 10160 10191 10220 10245

--- 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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