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USDOLLAR Sneaks Higher after Running into Channel

USDOLLAR Sneaks Higher after Running into Channel

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Sneaks Higher after Running into Channel

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-The USDOLLAR made an inside day after declining 1.27% on Wednesday. That was the largest one day decline since 6/29/12, which was also 1.27%.

-Possible bottoming levels are the June low at 10469 (low on Wednesday was 10471) and 100% extension of the decline from the July high at 10449. Price has reached the corrective channel support as well.

-The trendline off of the September 2012 and December 2012 lows is at about 10450 on Friday. Channel support is closer to the April lows late next week.

Trading Strategy: Flat

LEVELS: 10391 10450 10500 | 10584 10627 10642

--- 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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