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USDOLLAR Near Term Resistance Extends to 9892

USDOLLAR Near Term Resistance Extends to 9892

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Near Term Resistance Extends to 9892

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…the next levels of interest are 9738 and 9672.” The bounce from just above 9738 reached the 23.6% retracement of the decline from 10323 today. Below 9797 would suggest that the next bear leg is underway. Until then, don’t dismiss potential for a test of 9892 or even 9930. 10046 is the ley pivot from a swing perspective.

LEVELS: 9740 9797 9838 9878 9894 9930

--- 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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