USDOLLAR – 12000 Might be a Pivot
Chart Prepared by Jamie Saettele, CMT
-Recent comments on the USDOLLAR have noted that “despite the surge post Brexit, price action since March 2015 may compose a major top. Resistance extends up to the year open at 12139 and April 2015 high at 12162.” The index continues to roll over from key price levels and I maintain that price action since Q1 2015 could compose a massive top with no decent support until the low 1100s. The 8/31 high serves as the near term bearish invalidation level. Watch for resistance near 12000 (200 day average and slope line).
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