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USDOLLAR-Watch for Resistance at 12040/64

USDOLLAR-Watch for Resistance at 12040/64

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

USDOLLAR-Watch for Resistance at 12040/64

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-The USDOLLAR index has retraced half of the January-May decline. Near term pressure is higher while the index is above the 5/26 low of 11921. An area that could cause problems for bulls is roughly 12040/64. This area is defined by the 200 day average and 61.8% retracement of the January-May decline.

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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