USDOLLAR 9986 and 9925 of Interest as Supports

By Jamie Saettele, CMT | DailyFX – Tue, Jul 31, 2012 3:37 AM SGT

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RELATED QUOTES

SymbolPriceChange
^USDOLLAR10,653.61114.91

Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR 9986 and 9925 of Interest as Supports

Prepared by Jamie Saettele, CMT

The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) is at its lowest level since 5/11. Focus is on a short term internal downward sloping channel and 100% extension of the decline from the July high at 9986. The trendline that extends off of the 2012 lows is at about 9970 this week. A deeper decline into mid-August (as per the 1995/96 model) could reach the 100% extension of the decline from the June high at 9940. Allow for corrective strength above 10060 before lower levels are registered.

LEVELS: 9938 9986 10011 10058 10088 10111

--- 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.

 
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