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 test and roll over from key price levels. As such, 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.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.