USDOLLAR Moment of Truth as Price Nears Channel Resistance
240 Minute Bars
Prepared by Jamie Saettele, CMT
The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) reached the 100% extension of the rally from 10025 and still faces channel resistance at slightly higher levels. Action since late June has an inverse head and shoulders continuation look to it and the pattern would be confirmed on a move above 10193. A break above the channel (drawn in corrective fashion) would suggest that strength from 10025 is impulsive and focus would shift to 10323.
LEVELS: 10128 10168 10190 10240 10300 10323
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
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