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USDOLLAR Fibonacci Retracement of Interest at 9820

USDOLLAR Fibonacci Retracement of Interest at 9820

2012-10-17 23:18:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Fibonacci Retracement of Interest at 9820

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...look lower.” The USDOLLAR is nearing potential support from 9820 and 9771. Don’t expect those levels to give way easily. The market’s response at the mentioned levels should offer insight regarding whether or not we should expect a drop below 9740 or a resumption of the rally that began at 9740.

LEVELS: 9740 9771 9820 9870 9882 9925

--- 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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