USDOLLAR at Pivotal Level
Prepared by Jamie Saettele, CMT
The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) is at support from the trendline that extends off of the 2012 lows. Still, a deeper decline into mid-August (as per the 1995/96 model) is possible and could reach the 100% extension of the decline from the June high at 9940. The 52 week average may come into play as well (currently just above 9900). With these figures in mind, the index is probably no more than 1% or so from a major swing low. In the current environment, it would only be appropriate for price to trade below Thursday’s large range day and convince the world that the trend is down before staging an impressive bullish reversal.
LEVELS: 9925 9955 9975 10029 10075 10096
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
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