USDOLLAR Confined to Tight Range within Larger Uptrend
Chart Prepared by Jamie Saettele, CMT
-“The push above the line that extends off of the April-June high negates anything bearish. Watch for support at 11970. A drop below 11918 (treated as the breakout day low) would indicate that this breakout was ‘false’. There is a warning sign from divergence with gold.”
-“Downside resolution is still possible of course but weakness below Tuesday’s low is now needed to be bearish…even for just a move to 11886-11918. A break above the tight range (on its 4th week) would expose 12123/41.” Trading focus is on 11886-11918 (this is support). A daily close below 11886 would trigger a bearish breakdown.
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