USDOLLAR Outside Day Break Highlights Broader Bearish Risk

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Chart Prepared by Jamie Saettele, CMT

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-“The index surpassed 11900 and nearly reached 12050. Today’s (6/2) sharp reversal could be part of a broader topping process.”

-“USDOLLAR is sitting at a downward sloping line. A break below here would set the stage for a much more important decline. A rebound would face resistance near 11966.” The market has voted in favor of a breakdown. There is support down to about 11700 but weakness below there would open up the floodgates towards 11515/50.

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USDOLLAR Outside Day Break Highlights Broader Bearish Risk