Forex Technical Analysis: USDOLLAR Trades to Fibonacci Resistance
Chart Prepared by Jamie Saettele, CMT
Forex Observations: The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) has broken to 20 day highs and faces resistance from the 38.2% retracement of the decline from 10323 at 9963. The market has already responded to the level in Asian trade. 9886-9920 is support.
Forex Trading Strategy Implications: Allowing for corrective weakness, market risk is higher towards 10046.
LEVELS: 9846 9889 9920 10000 10027 10046
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
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