Forex: US Dollar Technical Analysis – Trend Favors Upside Bias
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- Prices rose as expected after putting in a bullish Piercing Line candle pattern
- Breaking below 10657 (range top) eyes the 10612-18 area (channel, range bottoms)
- A turn back above 10685 (38.2% Fib exp.) targets 10723 (50% Fib exp.)
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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