US Dollar Technical Analysis – May Peak Under Pressure
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- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 10474-95, 104417 (channel top)
- Resistance:10531 (May 28 high), 10589-619
The Dow Jones FXCM US Dollar Index is attempting to build higher anew after bouncing from support in the 10474-95 area. Near-term resistance is at 10531, the May 28 high. A breach above that on a daily closing basis clears the way for a challenge of the 10589-619 region. Alternatively, a reversal back below 10474 targets falling channel top resistance-turned-support set from January, now at 10417.
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.