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US Dollar Technical Analysis 06.05.2013

US Dollar Technical Analysis 06.05.2013

Ilya Spivak, Head Strategist, APAC

US Dollar Technical Analysis Prices moved lower as expected, taking out the 14.6% Fibonacci retracement level at 10711 and exposing the 23.6% Fib at 10609. A further push beneath that eyes the 38.2% level at 10443. The 10711 mark has been recast as near-term resistance, with a break back above that eyeing the underside of a recently broken rising channel at 10817.

Forex_US_Dollar_Technical_Analysis_06.05.2013_body_Picture_5.png, US Dollar Technical Analysis 06.05.2013

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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