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USDOLLAR Holding Important Support on Weekly Basis

USDOLLAR Holding Important Support on Weekly Basis

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Holding Important Support on Weekly Basis

Prepared by Jamie Saettele, CMT

Bigger picture, the Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) continues to make higher highs and higher lows while still feeling like it’s not really going anywhere. This psychology is necessary in order to produce a strong breakout and linear type of rise. Resistance near the current level (7/17 and 7/16 highs) may provoke a reaction lower but expect support at 10100.

LEVELS: 10075 10100 10120 10166 10223 10323

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for

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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.