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US Dollar Technical Analysis: Signs of Turn Lower Emerge

US Dollar Technical Analysis: Signs of Turn Lower Emerge

Ilya Spivak, Head Strategist, APAC

US Dollar Technical Analysis Prices broke above resistance at 10946, the 100% Fibonacci expansion, opening the door for a move higher to challenge the 123.6% level at 11016. Early signs of negative RSI divergence warn of ebbing bullish momentum however and hint a turn lower may be ahead. The 10946 mark has been recast as near-term support, with a move back beneath that aiming for the 10848-77 area (marked by the late-May top).

dailyclassics_us_dollar_index_body_Picture_9.png, US Dollar Technical Analysis: Signs of Turn Lower Emerge

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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