Forex: US Dollar Technical Analysis – Locked in Narrow Range
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- Prices rose as expected after putting in a bullish Piercing Line candle pattern
- Breaking below 10646 (horizontal pivot) targets 10623 (channel bottoms)
- Above 10719-33 (channel top, 23.6% Fib exp.) exposes 10773 (38.2% 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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