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USDOLLAR at Mid Channel; Upper End Near 12125-12200

USDOLLAR at Mid Channel; Upper End Near 12125-12200

Jamie Saettele, CMT, Sr. Technical Strategist


Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-The USDOLLAR has pushed to new trend highs and exceeded its most range expansion target of 12036). The index is trading right at the median line from the construct that defines the move since last July. There’s been a lot of trading around this line but it hasn’t been precise resistance. Resistance is seen from sliding parallels (and maybe the upper parallel…which hasn’t been touched yet), from about 12125 to 12200 the rest of this week. Notice how a sliding parallel also identified the February low.

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