USDOLLAR Support Estimated at 10790-10813
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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FOREXAnalysis: Wrote yesterday that “the USDOLLAR is trading at its highest level in exactly 3 years (week that ended July 2nd, 2910). Price was in the midst of a vicious downtrend 3 years ago and the opposite is true at this point. The rally from the 6/13 low is more or less uninterrupted and momentum is waning (lower oscillator peaks at each price high since 6/20 on the intraday plot). A setback is due.” Today’s reversal may be the beginning of the setback. Initial support is 10790-10813.
FOREX Trading Strategy: Flat
LEVELS: 10752 10790 10813 10905 10989 11129
--- 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.