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US Dollar Technical Analysis – Waiting to Renew Advance

US Dollar Technical Analysis – Waiting to Renew Advance

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
  • Support: 10474-95, 10404 (channel top)
  • Resistance:10531 (May 28 high), 10589-619

The Dow Jones FXCM US Dollar Index remains in consolidation mode after securing a key upside breakout three weeks ago. The first layer of significant resistance remains at 10531, the May 28 high. A daily close above that exposes the 10589-619 region. Support is in the 10474-95 area, with a reversal below that opening the door for a retest of a recently broken falling channel top at 10404.

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 – Waiting to Renew Advance

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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