USDOLLAR Range Resistance Line Hit for 10th Day Since July
Chart Prepared by Jamie Saettele, CMT
-The USDOLLAR dropped sharply into a line that has been support at many important lows since the all-time low in 2011. As long as the line holds (along with the 200 day average…magenta line), the sideways trade of the last 6 months should be viewed in a bullish context (although at resistance today (9/3)). If this technical level fails, then the first important correction since the USDOLLAR broke out in September 2014 is underway and the pain felt would be severe.
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