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USDOLLAR 3rd Largest Drop of Year; Price is at Multiyear Channel

USDOLLAR 3rd Largest Drop of Year; Price is at Multiyear Channel

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR 3rd Largest Drop of Year; Price is at Multiyear Channel

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-The USDOLLAR has slid below where the decline from the July high would consist of 2 equal waves (10449). Low is 10414.

-Major channel support has been reached. Final support before the 2012 high at 10323 is the April low at 10391. The 50% retracement of the advance from 9740 is 10375.

Trading Strategy: No bullish setup yet but the market is in the right place for a low.

LEVELS: 10323 10375 10391 | 10460 10500 10530

--- 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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