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US Dollar Technical Analysis 03.15.2013

US Dollar Technical Analysis 03.15.2013

Ilya Spivak, Head Strategist, APAC

US Dollar Technical Analysis Prices turned lower as expected, taking out support at the bottom of a rising channel set from late January. Sellers now aim to challenge the 23.6% Fibonacci retracement at 10471, with a break beneath that exposing the 38.2% level at 10406. The channel bottom (now at 10518) has been recast as resistance. A move back above that targets the March 8 high at 10575.

Forex_US_Dollar_Technical_Analysis_03.15.2013_body_Picture_5.png, US Dollar Technical Analysis 03.15.2013

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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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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