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FOREX Technical Analysis: USDOLLAR Soft Resistance at 9977

FOREX Technical Analysis: USDOLLAR Soft Resistance at 9977

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, FOREX Technical Analysis: USDOLLAR Soft Resistance at 9977

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: The USDOLLAR has spent the month trading sideways. With this in mind, it’s possible that a triangle began in December. In that event, the December range would tighten for at least another week before the index breaks below 9917 probably tests 9866.

FOREX Trading Strategy: Nothing.

LEVELS: 9866 9891 9917 9977 10013 10044

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

To contact Jamie e-mail jsaettele@dailyfx.com.  Follow me on Twitter for real time updates @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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