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Forex: US Dollar Technical Analysis – Key Channel Support Held

Forex: US Dollar Technical Analysis – Key Channel Support Held

Ilya Spivak, Head Strategist, APAC

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Talking Points

  • A bullish Piercing Line candle pattern hints a move higher is ahead
  • Pushing above 10718 (horizontal pivot) exposes 10756-81 (Jan high, channel top)
  • Turning below 10661 (23.6% Fib ret, channel floor) targets 10602 (38.2% Fib ret.)

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

dailyclassics_us_dollar_index_body_Picture_11.png, Forex: US Dollar Technical Analysis – Key Channel Support Held

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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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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