US Dollar Technical Analysis– Prices put in a bearish Dark Cloud Cover candlestick pattern below resistance in the 10323-26 area, marked by the 123.6% Fibonacci expansion and the 2012 yearly high. The setup hints a move lower is ahead, with negative RSI divergence reinforcing the case for a downside scenario. Near-term support is at 10248, the 100% Fib, with a break below that exposing rising channel resistance-turned-support at 10221.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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