U.S. Markets close in 4 hrs 13 mins

US Dollar Technical Analysis: Uptrend Ready to Resume?

Ilya Spivak

US Dollar Technical Analysis Prices turned lower as expected, finding initial support at 10803 marked by the 38.2% Fibonacci retracement. A bullish Piercing Line candlestick pattern hints at recovery ahead but confirmation requires a daily close above initial resistance at 10882, the 23.6% level (exposing the July 8 swing high at 11009 thereafter). Alternatively, a reversal below support targets the 50% Fib at 10739.

dailyclassics_us_dollar_index_body_Picture_2.png, US Dollar Technical Analysis: Uptrend Ready to Resume?

Daily Chart - Created Using FXCM Marketscope 2.0

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

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, please CLICK HERE

New to FX? Watch this Video. For live market updates, visit the Real Time News Feed

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.