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USDOLLAR Drops Right into Channel…Again

USDOLLAR Drops Right into Channel…Again

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Drops Right into Channel…Again

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: No change: “The USDOLLAR has traded to a new high but also formed a key reversal for the 2nd time in the last 3 days. This rally is accompanied by waning momentum with daily RSI well below the levels registered at the March price highs. Respect the potential for additional strength on balance over the next week but probably into a top. A diagonal is also possible here (as it is in USDJPY).”

FOREX Trading Strategy: Flat

LEVELS: 103914 10442 10489 10564 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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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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