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US Dollar Technical Analysis: Trend Line Cuts Off Bounce

Ilya Spivak

US Dollar Technical Analysis Prices overturned a bullish Morning Star candlestick pattern identified yesterday, recoiling from falling trend line resistance set from the July 8 swing high to challenge support at 10739, the 50% Fibonacci retracement. A break beneath this boundary exposes the 61.8% level at 10675. Trend line resistance is now at 10793, with added reinforcement from the 38.2% Fib at 10803.

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dailyclassics_us_dollar_index_body_Picture_3.png, US Dollar Technical Analysis: Trend Line Cuts Off Bounce

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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