US Dollar Technical Analysis: Digesting at Channel Support
To receive Ilya's analysis directly via email, please SIGN UP HERE
- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 10905, 10845, 10753
- Resistance:10984, 11076, 11143
The Dow Jones FXCM US Dollar Index is in digestion mode after turning lower as expected following the appearance of a bearish Dark Cloud Cover candlestick pattern. A daily close below falling channel support at 10905 exposesthe 38.2% Fibonacci retracementat 10845. Alternatively, a turn above support-turned-resistance at 10984 clears the way for a test of the 11058-76 area marked by the channel top and the October 15 high.
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