The focal point to draw a Fibonacci rising Fan (solid-blue line) is set at the May 01, 2012 low; while extending the line to it higher point on July 12 as shown on the figure. With the three (3) consecutive (green-broken lines) extending higher as the projected probable support for the USD dollar index as the interim trend moves lower from its highest price registered at 84.10 on July 24. Thereafter, an established down trend was confirmed but likewise within the higher major-trend channel (green broken background weekly channel) and daily price action slightly below the Exponential 10 Day Moving Average.
A bearish signal were indicated before the down turn as a selling pressure shown with a price divergence contrary to its Stochastic / RSI technical indicator vs. the current trend between May 31 and extending to July 24th which fell short of its 84.50/70 objective and only registered an 84.10 high. And the succeeding tops thereafter were lower thus making an interim trend bearish but still within a major rising trend channel reflected on the weekly candlestick chart formation of the US Dollar index as of today the 17th of Aug. 2012.
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