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 firstname.lastname@example.org. Follow me on Twitter for real time updates @JamieSaettele
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.