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US Dollar Technical Analysis – Treading Water Before FOMC

US Dollar Technical Analysis – Treading Water Before FOMC

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
  • Support: 10430 (trend line), 10375 (double bottom)
  • Resistance:10474-95, 10531 (May 28 high)

The Dow Jones FXCM US Dollar Index is in digestion mode after following last week’s sharp decline. Dropping beneath resistance-turned-support in the 10474-95 area has opened the door for a test of a trend-defining rising trend line set from July 2011 (now at 10430). A break below this threshold on a daily closing basis exposes a double bottom at 10375. Alternatively, a turn above 10495 clears the way for another challenge of 10531, the May 28 high.

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 – Treading Water Before FOMC

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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