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Forex: US Dollar Technical Analysis – Still Looking for Direction

Forex: US Dollar Technical Analysis – Still Looking for Direction

Ilya Spivak, Head Strategist, APAC

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US Dollar Technical Analysis Prices put in a Spinning Top candlestick below resistance at 10760, the recent range top marked by the August 13 high, hinting a move lower may be ahead. Range support is at 10569, with a break below that targeting the bottom of a falling channel set from early July (now at 10575). A reversal above 10760 aims for the channel top at 10792.

Don’t have access to the Dow Jones FXCM US Dollar Index? Try the USD basket via Mirror Trader as an alternative. **

dailyclassics_us_dollar_index_body_Picture_3.png, Forex: US Dollar Technical Analysis – Still Looking for Direction

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

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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