USDOLLAR Elliott Channel Holds Firm

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eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Elliott Channel Holds Firm

Chart Prepared by Jamie Saettele, CMT using

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FOREXAnalysis: Recent comments are valid – “A major breakout could be underway from above 10558. Strength above the long term channel suggests acceleration of the rally that began at the 2011 low. This could be EXTREMELY significant. Price has reached the Elliott channel for 5th wave estimation however so don’t be surprised to see at least consolidation if not a deeper setback from current levels. Considering that the USDJPY is responsible for most of the rally in recent months, a USDJPY turn may be closer than many think.” The next week or so could see the USDOLLAR makes its way towards the topside of the larger channel (blue) before finding an important low.

FOREX Trading Strategy: Flat

LEVELS: 10676 10715 10760 10838 10882 11000

--- 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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