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US Dollar Technical Analysis – Still Lingering at May Peak

US Dollar Technical Analysis – Still Lingering at May Peak

2014-06-05 06:03:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
  • Support: 10474-95, 104414 (channel top)
  • Resistance:10531 (May 28 high), 10589-619

The Dow Jones FXCM US Dollar Index recovered following a brief correction lower from two-month highs. Positioning has favored the upside after prices set a double bottom and broke the down trend from January. Near-term resistance is at 10531, the May 28 high. A move above that aims for the 10589-619 region. Support is in the 10474-95 area, with a reversal below that opening the door for a retest of the channel top at 10414.

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

US Dollar Technical Analysis – Still Lingering at May Peak

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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