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USDOLLAR Rallies but Still Faces Tests Before 2012 High

USDOLLAR Rallies but Still Faces Tests Before 2012 High

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Rallies but Still Faces Tests Before 2012 High

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

FOREXAnalysis: The USDOLLAR has broken through nearly 5 month channel resistance and is nearing the 2012 high of 10323. Steeper, shorter term channel resistance looms just above the current level. It may take a few attempts to break through or even reach 10323 but any setbacks are viewed as buying opportunities against 10133.

FOREX Trading Strategy: Long against 10133.

LEVELS: 10149 10186 10213 10249 10323 10400

--- 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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