FOREX Technical Analysis: USDOLLAR Drop Viewed as Countertrend
Chart Prepared by Jamie Saettele, CMT
FOREXAnalysis: The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) low is on the first day of the month thus a more bullish outcome should be respected as long as price is above that level (9901). I wrote last week that “the reaction at the channel does suggest that this level will not be broken easily. Expect some corrective activity into 10000/20.” The USDOLLAR reached 10001 today. An intraday plot reveals the corrective nature of the decline.
FOREX Trading Strategy: Start looking higher again against 9960.
LEVELS: 9935 9961 9991 10044 10071 10100
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
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