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Forex: US Dollar Technical Analysis – Bullish Breakout at Hand?

Forex: US Dollar Technical Analysis – Bullish Breakout at Hand?

Ilya Spivak, Head Strategist, APAC

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Talking Points

  • Prices are testing above resistance in the 10582-604 area (falling channel top, 38.2% Fib ret.)
  • A break higher initially targets 10682 (50% Fib retracement)
  • Turning back into the channel sees initial support at 10509 (23.6% Fib ret.)

Can’t access to the Dow Jones FXCM US Dollar Index? Try the USD basket onMirror Trader **

dailyclassics_us_dollar_index_body_Picture_11.png, Forex: US Dollar Technical Analysis – Bullish Breakout at Hand?

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

Contact and follow Ilya on Twitter: @IlyaSpivak

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