USDOLLAR at Top of Range During a Range Month
Prepared by Jamie Saettele, CMT
The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) is at the top of its range (for October). Given extremely bearish sentiment at the September lows, I respect potential for an upside break and eventual test of 10046 but chasing at the top of the range is never a good idea. The decline from 9949 is in 3 waves, which does warrant a bullish bias on dips. 9871/89 is support.
LEVELS: 9846 9889 9907 9949 9963 9994
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
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