Forex: US Dollar Technical Analysis – 4-Month Down Trend Broken
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- Prices cleared the top of a four-month falling channel, hinting a critical breakout at hand
- Pushing upward above resistance at 10623 (61.8% Fib exp.) exposes 10654 (76.4% Fib)
- Support is at 10598 (50% Fib); below that aims for 10573 (38.2% Fib, channel top)
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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