USDOLLAR Enters 4th Week of Consolidation
Chart Prepared by Jamie Saettele, CMT
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-The USDOLLAR index has entered its 4th week of sideways trade (top is still day of November NFP). A triangle could be underway, in which case the range would tighten for the rest of the week (or a little longer) before a thrust to new highs (then risk of a reversal lower). Regardless, 12100 (12104 is the September high and the breakout day low) remains key to maintaining a ‘breakout’ bias. Weakness below there could result in a swift reversal of fortune for the USDOLLAR.
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