USDOLLAR Laughs at Channel Resistance; 2009 High Ticks Away
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-No such thing as resistance here. The USDOLLAR has pushed through the line parallel to the support line that extends off of the 2011 and 2012 lows and is closing in on the 2009 high. Weekly RSI has been above 70 for 21 consecutive weeks (since 1971on the ICE USD, the next closest reading was 15…that happened twice before sharp declines). This is the 7th consecutive monthly advance (we’ve never seen more than 6 until now). Bottom line, it takes weakness below 11645 to suggest that the market is not going higher.
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