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
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