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Forex Analysis: US Dollar Classic Technical Report 01.29.2013

By , Currency Strategist
29 January 2013 14:58 GMT

Prices are put in a Shooting Star candlestick below resistance marked by the 61.8% Fibonacci expansion (10181) and a rising channel top (10191), hinting a move lower is ahead. Initial support is at 10153, the 50% level, with a break below that targeting the 38.2% Fib at 10124. Alternatively, a push above resistance aims for the 76.4% expansion at 10216.

Forex_Analysis_US_Dollar_Classic_Technical_Report_01.29.2013_body_Picture_1.png, Forex Analysis: US Dollar Classic Technical Report 01.29.2013

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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29 January 2013 14:58 GMT