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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
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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.

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