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Forex: US Dollar Technical Analysis – Channel Support Tested Anew

Forex: US Dollar Technical Analysis – Channel Support Tested Anew

2014-02-04 13:33:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
  • Support: 10661-9 (23.6% Fib ret., channel bottom), 10602 (38.2% Fib ret.)
  • Resistance: 10718 (horizontal pivot), 10756 (Jan 21 high)

The Dow Jones FXCM US Dollar Index rose as expected after putting in a bullish Piercing Line candlestick pattern. Prices have since failed to overcome horizontal pivot resistance at 10718, recoiling to retest support in the 10661-9 area marked by the bottom of a rising channel set from November and the 23.6% Fibonacci retracement. A break lower initially exposes the 38.2% Fib at 10602. Alternatively, a reversal above 10718 aims for the January high at 10756. We are trading the long-term trend in the US Dollar via the Mirror Trader US Dollar currency basket.

dailyclassics_us_dollar_index_body_Picture_12.png, Forex: US Dollar Technical Analysis – Channel Support Tested Anew

Daily Chart - Created Using FXCM Marketscope 2.0

** The Dow Jones FXCM US Dollar Index and the Mirror Trader USD basket are not the same product.

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