We however are still in a down channel, which needs to be tested around the 38-50% retrace at 78.97-79.85.
Key resistance is at 80.08, the wave 1 Low. Important CITs are on 11/16 and 11/22.
The weekly US Dollar is in a long term uptrend channel. The March 08 Low connects with the November 09 Low and with the most recent October 2010 Lows.
If we break below this upchannel, it will be bearish for the dollar and we should retest the Nov 09 Lows and March 08 Lows. As long as we stay in this up channel the US Dollar should be considered bullish. The next 82 week cycle due in early July 2011 Major CIT is biased to be a US Dollar High.
No comments:
Post a Comment