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USDOLLAR Reverses from Just Shy of Channel Top

USDOLLAR Reverses from Just Shy of Channel Top

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-“USDOLLAR 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.” The high so far is 12124. The failure to reach the upper parallel increases risk that the lower parallels will not hold as support once tested.

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

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