US Dollar Technical Analysis– Prices turned lower as expected taking out the bottom of a rising channel set from late January. Prices have found initial support at 10454, the 14.6% Fibonacci retracement, with a bounce from here aiming to retest the channel bottom (now at 10540). A push back above that targets the March 11 high at 10576. Alternatively, a reversal below support targets the 23.6% Fib at 10379.
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
To be added to Ilya's e-mail distribution list, please CLICK HERE
New to FX? Watch this Video. For live market updates, visit the Real Time News Feed
