Forex: US Dollar Technical Analysis – Trying to Extend Gains
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- Prices rose as expected after putting in a bullish Piercing Line candle pattern
- Breaking above the 10669-85 area (Dec 4 high, 38.2% Fib exp.) exposes 10723 (50% Fib)
- Near-term support is at 10612, a former range bottom, followed by 10565 (Dec 10 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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