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US Dollar Breaks Through; Channel Resistance Eyed

US Dollar Breaks Through; Channel Resistance Eyed

2016-10-11 23:12:00
Jamie Saettele, CMT, Sr. Technical Strategist
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US Dollar Breaks Through; Channel Resistance Eyed

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-The last update noted that “weakness from the July high isn’t impulsive (but could be motive), which leaves the wave picture unclear. Pay attention to the rising trendline just below price. Weakness below would be the best signal yet that a breakdown is underway. Downward slope is defined by the December-January trendline (there now) and also serves as the bearish invalidation level.” The index surged through trendline resistance today so focus is towards an estimated channel top just above 99.00.

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

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