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USDOLLAR Faces Tough Test at Current Level

USDOLLAR Faces Tough Test at Current Level

2012-10-09 00:34:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Faces Tough Test at Current Level

Prepared by Jamie Saettele, CMT

The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) faces resistance at 9930/63 (9/10 high, 8/23 low and 38.2% retracement of the decline from 10323). The current level is viewed as a high risk area for bulls and therefore an opportunity to trade from the short side, although I’d like to see a test and failure at the 38.2% retracement at 9963 before doing anything.

LEVELS: 9843 9861 9902 9963 9987 10046

--- 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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