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FOREX Technical Analysis: USDOLLAR Drops into Middle of Channel

FOREX Technical Analysis: USDOLLAR Drops into Middle of Channel

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

FOREX_Technical_Analysis_USDOLLAR_Drops_into_Middle_of_Channel_body_usdollar.png, FOREX Technical Analysis: USDOLLAR Drops into Middle of Channel

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: I wrote yesterday that “the USDOLLAR closed firm on the day and right at mentioned resistance. Like the EURUSD, price is in limbo at these levels. The first day of the month (and year) low at 9990 is the pivot for swing traders (above is bullish).” The drop into former congestion presents an opportunity to get long against 9990.

FOREX Trading Strategy: Long against 9990.

LEVELS: 9960 9990 10013 10124 10157 10236

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for

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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.