Forex: US Dollar Technical Analysis – Cautious Recovery Attempted
US Dollar Technical Analysis– Prices recovered from support at 10650, the August 8 low, taking out resistance atthe 23.6% Fibonacci expansion (10708). Bulls are now testing the 38.2% level at 10744, with a push above this exposing the 50% Fib at 10774. The 10708 mark has been recast as near-term support, with a move back beneath that eyeing 10650 anew.
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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