Forex: US Dollar Technical Analysis – Rebound Stalls at Channel Top

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Talking Points

  • Spinning Top candle below 10792 (23.6% Fib expansion, falling channel top) hints at turn lower
  • Break below support at 10760 exposes downside targets at 10693 (7/29 low) and 10646 (8/16 low)
  • Daily close above resistance exposes the next key hurdle at 10886 (38.2% Fib)

Don’t have access to the Dow Jones FXCM US Dollar Index? Try the USD basket via Mirror Trader as an alternative. **

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dailyclassics_us_dollar_index_body_Picture_3.png, Forex: US Dollar Technical Analysis – Rebound Stalls 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

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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