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Powershares U.S. Dollar (NYSE: UUP) Nears Support

|Includes: PowerShares DB USD Bull ETF (UUP)

January 26, 2011

Shares of the ETF Powershares U.S. Dollar (NYSE: UUP) are closing in on a strong support level.

The $26.00 level held declines in November 2009 as well as November 2010. Both lows were after extended declines.

Now UUP is again approaching $22.00 a share, closing on Tuesday, January 25 at $22.43.

There is a good chance UUP will rally from this level or even before it is reached. But there is no way to tell how far the rally will go.

A weekly close below $22.00 a share would be bearish and point to a likely continued decline.

The ( ETF Timing Strategy does not currently hold a position in Powershares U.S. Dollar.