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USDOLLAR Breaks Below October Low

USDOLLAR Breaks Below October Low

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

USDOLLAR Breaks Below October Low

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-I wrote last update that “the USDOLLAR index is currently in no-man’s land. The next big support is probably 11730s (February, April, and June lows) and important resistance probably isn’t until near 12040 (December low, 200 and 55 day averages, possible channel resistance) although Wednesday’s failure at 11953 (former low) is viewed in a bearish light.” The index has traded lower ever since 11953. An important horizontal (October low, which had held on multiple tests since 3/18) gave out today so look towards the mentioned 11730s.

For more analysis and trade setups (exact entry and exit), visit SB Trade Desk

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

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