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  • Long $USDCNH was one of my favorite setups for the 2nd quarter btw. I maintain, I like the fundamentals; but the greenback's recent battering needs to relent before this can perform
  • The Dollar's tumble this past week was an abrupt one. We'll see if inflation pressures trigger a shift in risk and rate expectations in the US which could turn the USD's bearings. Meanwhile, a pair I haven't highlighted ... https://t.co/yXl1aoOlIy https://t.co/TWV7tqv2y8
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USDOLLAR Dips Below Trendline-July Low at Risk

USDOLLAR Dips Below Trendline-July Low at Risk

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Dips Below Trendline-July Low at Risk

Prepared by Jamie Saettele, CMT

“We should know in the next few days whether or not the Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) is going to continue higher from above or below 10048.” The current level is huge as short term trendline support and the 60 day average (which has pinpointed the lows since mid-June) are being put to the test. Failure to hold the current level and 10048 would shift focus towards the mid-9900s by the end of July (100% extension of the decline from 10323 intersects channel support on 7/30).

LEVELS: 10005 10025 10048 10126 10155 10184

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

To contact Jamie e-mail jsaettele@dailyfx.com.  Follow me on Twitter @JamieSaettele

To be added to Jamie’s e-mail distribution list, send an e-mail with subject line "Distribution List" to jsaettele@dailyfx.com

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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