USDOLLAR Support Estimated at 10200
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: The larger trend is bullish against 10133 but yesterday’s USDOLLAR reversal may cap gains in the near term. The decline from the top is impulsive (view on anything less than hourly). The implications are for at least a drop below 10249 and probably a drop below 10232 before the next important low is in place. The 20 day average, trendline, and topside of former channel resistance may help us identify the next low.
FOREX Trading Strategy: Flat (was long)
LEVELS: 10158 10198 10232 10343 10400 10437
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
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Jamie is the author of Sentiment in the Forex Market.