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US Dollar Technical Analysis: Further Weakness Likely Ahead

US Dollar Technical Analysis: Further Weakness Likely Ahead

2013-07-23 10:18:00
Ilya Spivak, Head Strategist, APAC
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US Dollar Technical Analysis Prices continue to play out a bearish reversal identified two weeks ago, taking out support in the 10790-803 area to expose the 50% Fibonacci retracement at 10739. A further push beneath that targets the 61.8% level at 10675. Alternatively, a reversal back above 10803 sees trend line resistance at 10826.

Confirm your chart-based trade setups with the Technical Analyzer.

dailyclassics_us_dollar_index_body_Picture_3.png, US Dollar Technical Analysis: Further Weakness Likely Ahead

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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