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USDOLLAR Fibonacci Resistance is at 10606

USDOLLAR Fibonacci Resistance is at 10606

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

USDOLLAR Fibonacci Resistance is at 10606

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-After flirting with the line that extends off of the 2011 and 2012 lows for 3 weeks, the USDOLLAR found legs and trades just shy of the 50% retracement of the year’s range and 200 SMA. The bullish outside month in July is a good way for long term USD strength to resume.

-10606/15 (61.8% and 2/27 high) is in focus (nearly there now) before a sharper pullback materializes.

--Trading ideasare available to J.S. Trade Desk members.

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

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