Resistance 3: $1.7380
Resistance 2: $1.7250
Resistance 1: $1.7050
Current price: $1.6993
Support 1: $1.6780
Support 2: $1.6540
Support 3: $1.5750
Comments:
The dollar rose as the freeze in credit markets and global stock losses
boosted demand for U.S. Treasuries. Banks' reluctance to lend to each
other also caused a shortage of dollars for funding, accelerating the
currency's gain.
Having cleared past November 2005 low $1.7050 the pare tested the lower bound of the declining channel from September 25. Support formed at $1.6780. Further down November-October 2003 lows zone $1.6560-$1.6510 looks like possible target. Resistance comes at former support $1.7050. Stronger one spotted at upper bound of the sloping channel near $1.7250 and last session high $1.7380.