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FOREX Technical Analysis: USDOLLAR Former Trendline Support is Now Resistance

FOREX Technical Analysis: USDOLLAR Former Trendline Support is Now Resistance

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly Bars

eliottWaves_us_dollar_index_body_usdollar.png, FOREX Technical Analysis: USDOLLAR Former Trendline Support is Now Resistance

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: The USDOLLAR is nearing the top of it’s the range that has been underway since November. Even a move above the November high of 10071 still contends with the 61.8% retracement of the decline from 10323 at 10100 and series of highs from October 2011 to March 2012 from 10100 to 10133.

FOREX Trading Strategy: Flat

LEVELS: 9929 9977 10000 10044 10071 10096

--- 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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