USD: Stalling at Channel Support
Dailyfx | Oct 20, 2014 03:29AM ET
Talking Points:
- US Dollar Technical Strategy: Holding Long
- Support: 10898, 10845, 10753
- Resistance:11052, 11143, 11216
The Dow Jones FXCM US Dollar Index declined as expected after putting in a bearish Dark Cloud Cover candlestick pattern. Near-term support is at 10898, marked by a falling channel bottom, with a break below that on a daily closing basis exposingthe 38.2% Fibonacci retracementat 10845. Alternatively, a reversal above the channel top at 11052 opens the door for a challenge of 11143, the October 3 high.
Our Mirror Trader US Dollar currency basket .
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