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
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