News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Forex: US Dollar Technical Analysis – Cautious Recovery Underway

Forex: US Dollar Technical Analysis – Cautious Recovery Underway

Ilya Spivak, Head Strategist, APAC

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
  • Support: 10570 (channel top)
  • Resistance: 10590 (23.6% Fib exp.), 10649 (38.2% Fib exp.)

The Dow Jones FXCM US Dollar Index launched a cautious recovery, taking out resistance at the top of a minor falling channel to expose the 23.6% Fibonacci expansion at 10590. A break above this barrier initially targets the 38.2% level at 10649. Channel top support-turned-resistance is now at 10570.

Our long-term US Dollar fundamental outlook continues to favor a stronger greenback against its leading counterparts 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 – Cautious Recovery Underway

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.

DISCLOSURES