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FOREX Technical Analysis: USDOLLAR Trades Through Fibonacci Resistance

FOREX Technical Analysis: USDOLLAR Trades Through Fibonacci Resistance

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly Bars

eliottWaves_us_dollar_index_body_usdollar.png, FOREX Technical Analysis: USDOLLAR Trades Through Fibonacci Resistance

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: The USDOLLAR has taken out the top of the range that’s been underway since November. Bulls must still contend with the 61.8% retracement of the decline from 10323 at 10100 and the series of highs from October 2011 to March 2012 from 10100 to 10133. In other words, the current level to 10133 is initial resistance.

FOREX Trading Strategy: Strength into the upward sloping channel resistance on NFP would warrant a near term short.

LEVELS: 9990 10030 10070 10144 10173 10236

--- 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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