US Dollar Technical Analysis– Prices turned lower as expected taking out the bottom of a rising channel set from late January. Prices have found initial support at 10454, the 14.6% Fibonacci retracement, with a bounce from here aiming to retest the channel bottom (now at 10540). A push back above that targets the March 11 high at 10576. Alternatively, a reversal below support targets the 23.6% Fib at 10379.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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