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Forex: US Dollar Technical Analysis – Rejected at Channel Top

Forex: US Dollar Technical Analysis – Rejected at Channel Top

Ilya Spivak, Head Strategist, APAC

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Talking Points

  • Prices are testing below support in the 10707-27 area(Dec 19 high, 23.6% Fib exp.)
  • A break lower on a daily closing basis exposes 10646 (channel bottom)
  • Near-term resistance is in the in the 10761-66 area (38.2% Fib exp., channel top)

Can’t access to the Dow Jones FXCM US Dollar Index? Try the USD basket on Mirror Trader. **

dailyclassics_us_dollar_index_body_Picture_3.png, Forex: US Dollar Technical Analysis – Rejected at 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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