Prices are rebounding from support at a major rising trend line established from late July 2011, a barrier reinforced by the 76.4% Fibonacci expansion (9995) and the bottom of a falling channel set from early June (9971). Near-term resistance is at 10038, the 61.8% Fib, with a push above that targeting the channelmidline (now at 10073). Alternatively, a breach of support exposes the 100% expansion at 9925.
Dow Jones FXCM US Dollar Index - Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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