US Dollar Technical Analysis– Prices are pulling back from falling trend line resistance set from the July 8 high (now at 10844) to test support in the 10790-803 area, marked by the 38.2% Fibonacci retracement and the June 24 high. A break downward initially eyes the 50% Fib at 10739. Alternatively, a reversal above the trend line sees the next level of resistance at 10882, the 23.6% level.
Confirm your chart-based trade setups with the Technical Analyzer.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE
- Finance Trading
- Basic Materials Industry