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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. **
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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