USDOLLAR Challenges Overhead Resistance

Russell Shor, CFTe, MFTA FXCM

The below is the daily chart of the USDOLLAR. Further to yesterday’s article, the greenback is challenging overhead resistance around the 12,280 level (red shaded horizontal). The RSI(9) is above 50 and indicative of an underlying bullish momentum (blue rectangle). A break above overhead resistance will be regarded as a bullish development. Moreover, once price breaks through a resistance, the level often morphs into support. If this happens it may provide a platform for higher prices ahead.

Author

Russell Shor, CFTe, MFTA

FXCM

Russell Shor (MSTA, CFTe, MFTA) has an Honours Degree in Economics from the University of South Africa and holds the coveted Certified Financial Technician and Master of Financial Technical Analysis qualifications from the Interna

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