US Dollar Technical Analysis– Prices are retesting the previously broken neckline of a bearish Head and Shoulders chart pattern (10460), with a break above that on a daily closing basis negating the setup and targeting the March 20 highat 10514. Initial support is at 10423, the 23.6% Fibonacci retracement. A break beneath that exposes the 38.2% Fib at 10329. The implied H&S downside objective is at 10312.
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