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Forex: US Dollar Technical Analysis – Prices Set Monthly Low

Forex: US Dollar Technical Analysis – Prices Set Monthly Low

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
  • Support: 10492 (38.2% Fib exp.), 10462 (50% Fib exp.)
  • Resistance: 10529 (23.6% Fib exp.), 10570 (trend line)

The Dow Jones FXCM US Dollar Index is edging toward support at 10492, the 38.2% Fibonacci expansion. A push below this boundary on a daily closing basis exposes the 50% expansion at 10462. Alternatively, a reversal above 10529 – the 23.6% Fib – opens the door for a test of falling trend line resistance set from late February, now at 10570.

On balance, our long-term US Dollar fundamental view continues to favor a stronger greenback in the months ahead. As such, we remain long against the benchmark unit against an average of its top counterparts via the Mirror Trader US Dollar currency basket. **

dailyclassics_us_dollar_index_body_Picture_12.png, Forex: US Dollar Technical Analysis – Prices Set Monthly Low

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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