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
Real Time News
  • I don't think you could make a chart more technically provocative for me than what the $SPY S&P 500 ETF is offering up. That said, doesn't have to break and follow through has been notoriously scarce on the downside https://t.co/vqrlhu7AwC
  • #Nasdaq Tanks on Rising U.S. Yields, ARKK Appears to Confirm a Double Top Pattern #trading $ARKK $NDX https://t.co/lNlEsJnEyk
  • #Nasdaq Tanks on Rising U.S. Yields, ARKK Appears to Confirm Double Top Patter #trading $ARKK $NDX https://t.co/lNlEsJnEyk
  • I'm all for the diversify, but we are missing some steps between A and Z here...
  • Seeing articles show up in my search results that are obvious plants from traditional investment firms trying to get the new generation to open the traditional and passive account types they operate https://t.co/xGoaGqHpyg
  • The options market can be an excellent place to express trading ideas, as it presents numerous ways to structure trades with various risk profiles. Learn to trade the Options market with DailyFX. Download your free guide here! https://t.co/B78Mn99fU0 https://t.co/EpUMWMSGWO
  • On this week's Macro Setup @HathornSabin discusses with @GuyAdami & @RiskReversal the September stock swoon, rate rampage, and dollar dominance. Check it out! https://t.co/k68k2UP7rr https://t.co/0kGvdXWrDK
  • Fed's Bostic: - Any decision on a central bank digital currency is a long way off - Taper is warranted if current trends continue
  • Heads Up:🇺🇸 Fed Bostic Speech due at 19:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-09-28
  • Canadian #Dollar Outlook: $USDCAD Snaps Five-Days Down- Reversal Risk - https://t.co/O2MYTxe7bE https://t.co/tqIZUjE7pZ
US Dollar Technical Analysis – Multi-Year Support in Focus

US Dollar Technical Analysis – Multi-Year Support in Focus

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:10395 (horizontal support shelf), 10332 (trend line from Jul’11)
  • Resistance: 10658 (trend line from Mar’13)

The Dow Jones FXCM US Dollar Index is on pace to finish the trading week with the most dramatic five-day losing streak in six months. Sizing up overall positioning however, the ascending trend begun in late July 2011 is still intact. The latest selloff has taken the greenback toward testing support guiding the structural up move, now at 10332. This threshold is reinforced by a horizontal support shelf dating back to March 2013 at 10395.

We maintain a long-term constructive view on the US Dollar from a fundamental perspective and look for trend support to hold. As such, we remain long the benchmark currency via theMirror Trader US Dollar currency basket.Confirmation of uptrend resumption requires a break of the series of lower highs starting in July 2013, secured by a weekly close above trend line resistance now at 10658.

dailyclassics_us_dollar_index_body_Picture_12.png, US Dollar Technical Analysis – Multi-Year Support in Focus

Weekly 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