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USDOLLAR Sneaks Higher after Running into Channel

Jamie Saettele, CMT


eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Sneaks Higher after Running into Channel

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-The USDOLLAR made an inside day after declining 1.27% on Wednesday. That was the largest one day decline since 6/29/12, which was also 1.27%.

-Possible bottoming levels are the June low at 10469 (low on Wednesday was 10471) and 100% extension of the decline from the July high at 10449. Price has reached the corrective channel support as well.

-The trendline off of the September 2012 and December 2012 lows is at about 10450 on Friday. Channel support is closer to the April lows late next week.

Trading Strategy: Flat

LEVELS: 10391 10450 10500 | 10584 10627 10642

--- 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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