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US Dollar Technical Analysis: Further Weakness Expected

US Dollar Technical Analysis: Further Weakness Expected

Ilya Spivak, Head Strategist, APAC

US Dollar Technical Analysis Prices broke support at 10739, the 50% Fibonacci retracement, exposing the 61.8% level at 10675. A further push below that targets the 76.4% level at 10596. The 10739 has been recast as near-term resistance, a barrier reinforced by a falling trend line set from the July 8 swing high (now at 10778).

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

dailyclassics_us_dollar_index_body_Picture_3.png, US Dollar Technical Analysis: Further Weakness Expected

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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