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FOREX Technical Analysis: USDOLLAR Responds at Initial Support

FOREX Technical Analysis: USDOLLAR Responds at Initial Support

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, FOREX Technical Analysis: USDOLLAR Responds at Initial Support

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: The USDOLLAR reversed right at channel resistance Friday. Price has already tested and held initial support from former resistance at 10065. Estimated resistance is now 10111. Given the reaction at the channel, shorts are warranted into that level against Friday’s high towards 10013.

FOREX Trading Strategy: Sell into 10111 and cover (consider longs) as price approaches 10013

LEVELS: 9977 10013 10065 10111 10157 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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