U.S. Markets closed

USDOLLAR Faces Tough Test at Current Level

Jamie Saettele, CMT

Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Faces Tough Test at Current Level

Prepared by Jamie Saettele, CMT


The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) faces resistance at 9930/63 (9/10 high, 8/23 low and 38.2% retracement of the decline from 10323). What’s more, the rally from the low is in 2 equal legs, which is typical of a correction. The current level is viewed as a high risk area for bulls and therefore an opportunity to trade from the short side.



LEVELS: 9792 9843 9863 9938 9963 9987


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


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


To be added to Jamie’s e-mail distribution list, send an e-mail with subject line "Distribution List" to jsaettele@dailyfx.com


Jamie is the author of Sentiment in the Forex Market.


DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.