USDOLLAR Fails again Near 9850 and Remains Vulnerable

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eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Fails again Near 9850 and Remains Vulnerable

Prepared by Jamie Saettele, CMT

“The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) has traded below its yearlong trendline support, the April low at 9816 and the downward sloping channel…the next levels of interest are 9738 and 9672.” The bounce from just above 9738 has stalled at resistance from the 9/11 low / 9/13 high. Start looking lower again. Resistance extends to 9990. A drop below 9797 would inspire confidence in the downside. The trend is down against 9930 towards 9672.

LEVELS: 9672 9738 9797 9865 9894 9930

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

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Jamie is the author of Sentiment in the Forex Market.

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