USDOLLAR Near Term Trading Levels at 11790 and 11715
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“The USDOLLAR pushed through the 2009 high before pulling back. 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 11584 to suggest that the market is not going higher.” 11715 and 11790 are near term trading levels (estimated support and resistance).
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.