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US Dollar Technical Analysis – Key Range Bottom Held

US Dollar Technical Analysis – Key Range Bottom Held

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
  • Support: 10474-95, 10400 (channel top)
  • Resistance:10531 (May 28 high), 10589-619

The Dow Jones FXCM US Dollar Index is attempting to renew its advance following a period of consolidation having secured a key upside breakout three weeks ago. The first key layer of resistance remains at 10531, the May 28 high. A break above that on a daily closing basis targets the 10589-619 region. Alternatively, a turn below support in the 10474-95 area clears the way for a test of a recently broken falling channel top, now at 10400.

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

US Dollar Technical Analysis – Key Range Bottom Held

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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