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Forex: US Dollar Technical Analysis – Prices Drop Most in 6 Months

Forex: US Dollar Technical Analysis – Prices Drop Most in 6 Months

2014-04-09 01:31:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
  • Support: 10495-500 (Mar 19 low, 38.2% Fib exp.), 10488-70 (channel floor, 50% Fib exp.)
  • Resistance: 10573 (channel top), 10595 (38.2% Fib ret.)

The Dow Jones FXCM US Dollar Index plunged through multiple levels of chart support to post its largest one-day decline in six months. Sellers are now aiming to test the 61.8% Fibonacci expansion at 10439, with a break below that exposing the 76.4% level at 10401. Alternatively, a bounce above the 50% Fib at 10470 aims for falling channel floor support-turned-resistance at 10478, followed by the 38.2% expansion at 10500.

Looking past near-term volatility, our long-term fundamental outlook continues to favor a stronger US Dollar in the months ahead. As such, we continue to hold a long position via theMirror Trader US Dollar currency basket. **

dailyclassics_us_dollar_index_body_Picture_12.png, Forex: US Dollar Technical Analysis – Prices Drop Most in 6 Months

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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