Forex: US Dollar Technical Analysis – Key Channel Top in Play
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- Prices testing 2-month trend resistance in the 10796-98 area (23.6% Fib expansion, falling channel top)
- Upward break marks resumption of uptrend from August 2011, initially exposes 10882 (38.2% Fib)
- Drop below support at 10760 aims for downside targets at 10693 (7/29 low) and 10646 (8/16 low)
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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