Forex: US Dollar Technical Analysis – Key Channel Top in Play

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Talking Points

• Prices testing 2-month trend resistance in the 10796-98 area (23.6% Fib expansion, falling channel top)

• Upward break marks resumption of uptrend from August 2011, initially exposes 10882 (38.2% Fib)

• Drop below support at 10760 aims for downside targets at 10693 (7/29 low) and 10646 (8/16 low)

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

dailyclassics_us_dollar_index_body_Picture_4.png, Forex: US Dollar Technical Analysis – Key Channel Top in Play

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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