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Forex: US Dollar Technical Analysis – 4-Month Down Trend Broken

Forex: US Dollar Technical Analysis – 4-Month Down Trend Broken

Ilya Spivak, Head Strategist, APAC

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Talking Points

  • 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)

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 – 4-Month Down Trend Broken

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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