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Forex: US Dollar Technical Analysis – Sights Set on Channel Top

By , Currency Strategist
17 January 2014 08:51 GMT

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Talking Points

  • Prices turned higher as expected after putting in a Bullish Engulfing candle pattern
  • Closing above 10727 (Dec 20 high) exposes 10761 (38.2% Fib exp., channel top)
  • Reversing below 10707 (23.6% Fib exp.) targets 10638 (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_3.png, Forex: US Dollar Technical Analysis – Sights Set on Channel Top

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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17 January 2014 08:51 GMT