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USDOLLAR Channel Resistance Near 10650

USDOLLAR Channel Resistance Near 10650

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Channel Resistance Near 10650

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Are you new to FX or curious about your trading IQ?

FOREXAnalysis: The USDOLLAR has traded to a new high. The rally is accompanied by waning momentum however as daily RSI is well below the levels registered at the March price highs. Respect the potential for additional strength on balance over the next few weeks but probably into a top. A diagonal is also possible here (as it is in USDJPY).

FOREX Trading Strategy: Flat

LEVELS: 10442 10505 10543 10579 10608 10650

--- 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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