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USDOLLAR at 61.8% Level and Rally Forming Steep Channel

USDOLLAR at 61.8% Level and Rally Forming Steep Channel

Jamie Saettele, CMT, Sr. Technical Strategist

Hourly

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR at 61.8% Level and Rally Forming Steep Channel

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Interested in automated trading with Mirror Trader

FOREXAnalysis: The USDOLLAR rally is impressive and has retraced exactly 61.8% of the decline from the July high. The advance forms a steep channel as well. This is probably a good place for a pullback to get underway. If it does, then expectations are for support near 10800/25. Continuation of the rally from here would face 10926/51.

FOREX Trading Strategy: Flat

LEVELS: 10736 10777 10825 10890 10926 10951

--- 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

Subscribe to Jamie Saettele'sdistribution list in order to receive actionable FX trading strategy delivered to your inbox. Jamie is the author of Sentiment in the Forex Market.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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