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USDOLLAR Objectives Surround 9700

USDOLLAR Objectives Surround 9700

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Objectives Surround 9700

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.” 9797 wasn’t quite reached today but suspicions concerning the larger trend were confirmed by the character of the decline, which is sharp. I’m looking lower towards 9740 and the cluster of Fibonacci levels and former lows from 9657 to 9704.

LEVELS: 9740 9778 9797 9840 9875 9892

--- 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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