USDOLLAR at 61.8% Level and Rally Forming Steep Channel

DailyFX

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eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR at 61.8% Level and Rally Forming Steep Channel

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: The USDOLLAR rally is impressive and has retraced exactly 61.8% of the decline from the July high. The advance forms a steep channel as well. This is probably a good place for a pullback to get underway. If it does, then expectations are for support near 10800/25. Continuation of the rally from here would face 10926/51.

FOREX Trading Strategy: Flat

LEVELS: 10736 10777 10825 10890 10926 10951

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

To contact Jamie e-mail jsaettele@dailyfx.com.  Follow me on Twitter for real time updates @JamieSaettele

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