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US Dollar Technical Analysis – May Peak Under Pressure

US Dollar Technical Analysis – May Peak Under Pressure

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • 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.

We remain broadly bullish on the US Dollar against its leading counterparts in line with our long-term fundamental outlook. As such, we remain long via theMirror Trader US Dollar currency basket.

US Dollar Technical Analysis – May Peak Under Pressure

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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