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US Dollar Trades into Channel; Leaves Bearish Daily Candle

US Dollar Trades into Channel; Leaves Bearish Daily Candle

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

US Dollar Trades into Channel; Leaves Bearish Daily Candle

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-The last update noted that “focus remains towards an estimated channel top above 99.00 although I’d be aware of horizontal levels at 98.33/58 as near term roadblocks (NOW). These horizontal levels are defined by the August 2015 and March 2016 highs.” The horizontal levels didn’t do anything but DXY spiked into the channel today before reversing. The response indicates clear overhead and risk is heightened on the long side.

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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