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.

Free Trading Guides
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
More View more
US Dollar Technical Analysis – Attempting to Sneak Higher

US Dollar Technical Analysis – Attempting to Sneak Higher

2014-05-09 03:52:00
Ilya Spivak, Sr. Currency Strategist

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: 10389 (61.8% Fib exp.), 10364-70 (May 8 low, 76.4% Fib exp.)
  • Resistance: 10409 (50% Fib exp.), 10429 (38.2% Fib exp.)

The Dow Jones FXCM US Dollar Index is attempting to correct upward after hitting a seven-month low. Near-term resistance is at 10409, the 50% Fibonacci expansion, with a break back above that on a daily closing basis exposing the 38.2% level at 10429. Support is at 10389, the 61.8% Fib. A break below that eyes the May 8 low at 10370, followed by the 76.4% Fib at 10364.

Our long-term fundamental view continues to call for a stronger US Dollar against its key counterparts. As such, we remain long the benchmark currency via theMirror Trader US Dollar currency basket.

US Dollar Technical Analysis – Attempting to Sneak Higher

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.


News & Analysis at your fingertips.