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USDOLLAR – 12000 Might be a Pivot

USDOLLAR – 12000 Might be a Pivot

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

USDOLLAR – 12000 Might be a Pivot

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-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).

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

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