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USDOLLAR at Trendline; Break Would Target Channel

USDOLLAR at Trendline; Break Would Target Channel

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR at Trendline; Break Would Target Channel

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

-Since the 2011 low, USDOLLAR has not dropped for more than 4 consecutive weeks. Barring a reversal and close above 10543, this will be the 5th consecutive weekly drop (first since week that ended June 3rd, 2011).

-The decline from the July high would consist of 2 equal waves at 10449. Channel support is at about 10400 and in line with the March and April lows.

Trading Strategy: Flat

LEVELS: 10325 10394 10469 | 10514 10543 10580

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

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