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eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR 3rd Largest Drop of Year; Price is at Multiyear ChannelChart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-The USDOLLAR has slid below where the decline from the July high would consist of 2 equal waves (10449). Low is 10414.

-Major channel support has been reached. Final support before the 2012 high at 10323 is the April low at 10391. The 50% retracement of the advance from 9740 is 10375.

Trading Strategy: No bullish setup yet but the market is in the right place for a low.

LEVELS: 10323 10375 10391 | 10460 10500 10530

--- 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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