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US Dollar Technical Analysis – Digesting Gains at 2-Month High

US Dollar Technical Analysis – Digesting Gains at 2-Month High

2014-05-28 03:07:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

The Dow Jones FXCM US Dollar Index looks poised to continue higher having set a critical double bottom at 10375, the October 2013 floor. An upward trend change signaled by a break above resistance at the top of a falling channel set from January saw follow-through with a break of resistance in the 10474-95 area. The bulls now aim to challenge the 10589-619 region, with a move above that opening the door for an advance to year-to-date highs. Alternatively, a reversal back below 10474 eyes channel top support-turned-resistance at 10434.

Our long-term fundamental outlook continues to favor a broadly stronger US Dollar against the benchmark unit’s major currency counterparts. As such, we remain long via theMirror Trader US Dollar currency basket.

US Dollar Technical Analysis – Digesting Gains at 2-Month High

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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