USDOLLAR Trendline Proves Formidable
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.” The rally failed before making it to the 38.2% retracement. Still, one can’t rule out a test which is why bearish risk is widened out to the September high of 10046.
LEVELS: 9843 9861 9898 9963 9987 10046
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
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