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USDOLLAR Moment of Truth as Price Nears Channel Resistance

USDOLLAR Moment of Truth as Price Nears Channel Resistance

2012-07-12 22:08:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Moment of Truth as Price Nears Channel Resistance

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

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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