Chart Prepared by Jamie Saettele, CMT
FOREXAnalysis: “The USDOLLAR reversed right at channel resistance Friday. Price has already tested and held initial support from former resistance at 10065. Estimated resistance is now 10111.” The USDOLLAR closed firm on the day and right at mentioned resistance. Like the EURUSD, price is in limo at these levels. The first day of the month (and year) low at 9990 is the pivot for swing traders (above is bullish).
FOREX Trading Strategy: The first day of the month (and year) low at 9990 is the pivot for swing traders (above is bullish).
LEVELS: 9977 10013 10065 10157 10236 10313
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
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Jamie is the author of Sentiment in the Forex Market.