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Forex: US Dollar Technical Analysis – Looking for Direction Cues

By , Currency Strategist
08 January 2014 12:36 GMT

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Talking Points

  • Prices rose as expected after putting in a bullish Piercing Line candle pattern
  • Above 10719 (23.6% Fib exp.) targets 10727 (Dec 19 high), 10746 (channel top)
  • Near-term support is in the 10636-46 area (horizontal pivot, channel bottom)

Can’t access to the Dow Jones FXCM US Dollar Index? Try the USD basket onMirror Trader **

dailyclassics_us_dollar_index_body_Picture_12.png, Forex: US Dollar Technical Analysis – Looking for Direction Cues

Daily Chart - Created Using FXCM Marketscope 2.0

** The Dow Jones FXCM US Dollar Index and the Mirror Trader USD basket are not the same product.

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

Contact and follow Ilya on Twitter: @IlyaSpivak

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08 January 2014 12:36 GMT