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FOREX Technical Analysis: USDOLLAR Respects Channel Resistance

FOREX Technical Analysis: USDOLLAR Respects Channel Resistance

2013-01-07 00:48:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, FOREX Technical Analysis: USDOLLAR Respects Channel Resistance

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: The USDOLLAR reversed right at channel resistance Friday. Price is already nearing initial support from former resistance at 10065. Estimated resistance is now 10113. Given the reaction at the channel, shorts are warranted into that level against Friday’s high towards 10013.

FOREX Trading Strategy: I wrote last Thursday that “strength into the upward sloping channel resistance on NFP would warrant a near term short.” Focus is lower towards 10013.

LEVELS: 9977 10013 10065 10157 10236 10323

--- 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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