Chart Prepared by Jamie Saettele, CMT
FOREX Observations: The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) low is on the first day of the month thus a more bullish outcome should be respected as long as price is above that level (9901).
FOREX Trading Strategy Implications: Tuesday’s drop is viewed as an opportunity to align with longs for a run at channel resistance and the Fibonacci confluence at 10032/41.
LEVELS: 9901 9927 9950 9981 10032 10046
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
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