USDOLLAR Already at Top of Support Zone

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eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Already at Top of Support Zone

Chart Prepared by Jamie Saettele, CMT using

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FOREXAnalysis: Wrote Friday that “the reversal off of the Elliott channel (2 reversals actually…5/23 and 5/29) now warns of lower prices in the weeks ahead. How low? I don’t know but I do know that estimated support is 10655 and 10597. Of interest as well is the top side of the former resistance line that extends off of the 2011 and 2012 highs, and of course channel support that defines the advance from the September low.” 10655 has been reached but allow for several final subdivisions lower.

FOREX Trading Strategy: Flat – more on this in the weekly and the Monday webinar.

LEVELS: 10544 10586 10605 10830 10882 10934

--- 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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