Daily
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
–Since the 2011 low, USDOLLAR has not dropped for more than 4 consecutive weeks. Barring a reversal and close above 10543, this will be the 5th consecutive weekly drop (first since week that ended June 3rd, 2011).
–The decline from the July high would consist of 2 equal waves at 10449. Channel support is at about 10400 and in line with the March and April lows.
Trading Strategy: Flat
LEVELS: 10325 10394 10469 | 10514 10543 10580
— 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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