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USDOLLAR Erases Wednesday Losses but Faces 9890

USDOLLAR Erases Wednesday Losses but Faces 9890

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Erases Wednesday Losses but Faces 9890

Prepared by Jamie Saettele, CMT

The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) faces resistance from former support at 9890 following Thursday’s rally. With the trade below the October 1 low yesterday, I’m inclined to look lower towards 9820 and 9771. Don’t expect those levels to give way easily however (if at all). 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 9890 9925 9949

--- 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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