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 Fibtimer.com (http://www.fibtimer.com) ETF Timing Strategy does not currently hold a position in Powershares U.S. Dollar.