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USDOLLAR Drops Under Channel and April Low

USDOLLAR Drops Under Channel and April Low

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Drops Under Channel and April Low

Prepared by Jamie Saettele, CMT

The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) has traded below its yearlong trendline support, the April low at 9816 and the downward sloping channel. There is seemingly no support and the next levels of interest are 9738 and 9672. The April low at 9816 is now resistance.

LEVELS: 9672 9700 9740 9816 9850 9890

--- 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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