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USDOLLAR Has Already Reached Channel Support

USDOLLAR Has Already Reached Channel Support

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Has Already Reached Channel Support

Chart Prepared by Jamie Saettele, CMT using

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

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

To contact Jamie e-mail jsaettele@dailyfx.com.  Follow me on Twitter for real time updates @JamieSaettele

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