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eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Inches Higher but Remains Below Key Reversal High

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

FOREXAnalysis: The larger trend is bullish against 10133 but Wednesday's USDOLLAR reversal may cap gains in the near term. The decline from the top is impulsive (view on anything less than hourly). The implications are for at least a drop below 10249 and probably a drop below 10232 before the next important low is in place. The 20 day average, trendline, and topside of former channel resistance may help us identify the next low next week.

FOREX Trading Strategy: Flat

LEVELS: 10158 10198 10232 10343 10400 10437

--- 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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Jamie is the author of Sentiment in the Forex Market.

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