USDOLLAR Churns at Range Highs
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.” Seasonal tendencies are bullish into late November and then turn bearish.