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 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.