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Forex: US Dollar Technical Analysis – Idling at Channel Support

Forex: US Dollar Technical Analysis – Idling at Channel Support

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
  • Support: 10661-71 (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 started to edge higher as expected after forming a bullish Piercing Line candlestick pattern. The bulls failed to push through horizontal pivot resistance at 10718 however, recoiling to retest support in the 10661-71 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 – Idling at Channel Support

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.

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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