Forex: US Dollar Technical Analysis – Sideways Drift Persists
US Dollar Technical Analysis– Prices are treading water above support at 10650, the August 8 low. Near-term resistance is at 10708,the 23.6% Fibonacci expansion, with a break above that targeting the 38.2% level at 10744. Alternatively, a move below support eyes the bottom of a falling channel set from early July, now at 10598. Broadly speaking, the standstill likely reflects traders’ unwillingness to commit to a directional bias ahead of Wednesday’s FOMC minutes publication.
Daily Chart - Created Using FXCM Marketscope 2.0
** The Dow Jones FXCM US Dollar Index and the Mirror Trader USD basket are not the same product.
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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