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US Dollar Technical Analysis 03.13.2013

US Dollar Technical Analysis 03.13.2013

Ilya Spivak, Head Strategist, APAC

US Dollar Technical Analysis Prices pulling back from resistance at the top of a rising channel set from early February eyeing support marked by the formation’s bottom and the 76.4% Fibonacci expansionat 10505. A break below this boundary broadly exposes the 61.8% level at 10359. The channel top is now at 10608, with a push above that eyeing the 100% expansion at 10741.Negative RSI divergence continues to argue for a downside scenario.

Forex_US_Dollar_Technical_Analysis_03.13.2013_body_Picture_5.png, US Dollar Technical Analysis 03.13.2013

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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