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US Dollar Technical Analysis: Overall Setup Favors Gains

US Dollar Technical Analysis: Overall Setup Favors Gains

Ilya Spivak, Head Strategist, APAC

US Dollar Technical Analysis Prices advanced as expected after completing a bullish Flag chart pattern. A correction lower from resistance at 10899, the 38.2% Fibonacci expansion, sees initial support at 10820, the 23.6% level. A drop below this boundary eyes Flag top resistance-turned-support at 10704. Alternatively, a break above 10899 targets the 50% Fib at 10963.

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

dailyclassics_us_dollar_index_body_Picture_3.png, US Dollar Technical Analysis: Overall Setup Favors Gains

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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