US Dollar Technical Analysis– Prices moved lower as expected, taking out the 14.6% Fibonacci retracement level at 10711 and exposing the 23.6% Fib at 10609. A further push beneath that eyes the 38.2% level at 10443. The 10711 mark has been recast as near-term resistance, with a break back above that eyeing the underside of a recently broken rising channel at 10823.
Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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