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USDOLLAR Enters Significant Resistance Zone

USDOLLAR Enters Significant Resistance Zone

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Enters Significant Resistance Zone

Prepared by Jamie Saettele, CMT

“The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) has held the ‘week of the Fed’ low for 2 weeks now. It seems that the week that ended 9/14 (Fed week) was exhaustive in nature but that doesn’t mean that the decline from 10323 is over. It’s too early to know. Working on near term developments, yesterday’s advance through Friday’s outside day is viewed as constructive. Look towards 9930/63 (9/10 high, 8/23 low and 38.2% retracement of the decline from 10323) as long as price is above Friday’s low. I expect a reaction within that zone if reached.” We’ve reached the mentioned zone so expect a pullback. Initial support is 9899.

LEVELS: 9792 9843 9863 9892 9930 9965

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

To contact Jamie e-mail jsaettele@dailyfx.com.  Follow me on Twitter @JamieSaettele

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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.

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