USDOLLAR Has Already Reached Channel Support
Chart Prepared by Jamie Saettele, CMT using
FOREXAnalysis: After the Monday low went in the USDOLLAR, the decline accelerated and price has already entered the territory of the former 4th wave (10391-10586) and tested the channel that defines the rally from the 2012 low. Daily RSI has plummeted from above 70 to 42. While a larger correction of the rally from the September low may be underway (a la USDJPY), conditions are consistent with at least a near term low and rally attempt. Resistance is 10644 and 10726.
FOREX Trading Strategy: Flat
LEVELS: 10443 10479 10520 10644 10726 10789
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.