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Forex: US Dollar Technical Analysis – Choppy Consolidation Continues

Forex: US Dollar Technical Analysis – Choppy Consolidation Continues

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
  • Support: 10520 (Feb 17 low), 10492 (38.2% Fib exp.)
  • Resistance: 10599 (38.2% Fib ret.), 10629 (50% Fib ret.)

The Dow Jones FXCM US Dollar Index continues to consolidate above support at 10520, the February 17 low. Near-term resistance is at 10599, the 38.2% Fibonacci retracement, with a break above that initially exposing the 50% level at 10629. Alternatively, a push below support on a daily closing basis eyes the 38.2% Fib expansion at 10492.

Our long-term trend analysis continues to favor a stronger US Dollar against its leading counterparts in the months ahead. With that in mind, we continue to hold a long position via the Mirror Trader US Dollar currency basket for the time being. **

dailyclassics_us_dollar_index_body_Picture_12.png, Forex: US Dollar Technical Analysis – Choppy Consolidation Continues

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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