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Forex: US Dollar Technical Analysis – Clear Conviction Lacking

Forex: US Dollar Technical Analysis – Clear Conviction Lacking

2014-03-05 07:03:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
  • Support: 10559 (trend line from Sep’12), 10520 (Feb 17 low)
  • Resistance: 10614 (23.6% Fib exp.), 10673 (38.2% Fib exp.)

The Dow Jones FXCM US Dollar Index is still struggling to find direction, with prices locked in a narrow consolidation range above support at a rising trend line set from September 2012. A break above resistance at 10614, the 23.6% Fibonacci expansion, initially exposes the 38.2% level at 10673. Trend line support is now at 10559, with a reversal below that eyeing the February 17 low at 10520.

Our long-term view continues to favor broad-based US Dollar strength in the months ahead. Furthermore, absent a defined break below the trend line on a daily closing basis, the medium-term uptrend remains intact. As such, we remain long the greenback via the Mirror Trader US Dollar currency basket. **

dailyclassics_us_dollar_index_body_Picture_3.png, Forex: US Dollar Technical Analysis – Clear Conviction Lacking

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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