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US Dollar Technical Analysis – Rising Trend Survives FOMC

US Dollar Technical Analysis – Rising Trend Survives FOMC

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
  • Support: 10431 (trend line), 10424 (channel floor), 10375 (double bottom)
  • Resistance:10474-95, 10531 (May 28 high)

The Dow Jones FXCM US Dollar Index turned lower after the FOMC policy announcement but long-term trend support from July 2011 (10431) remains intact. This barrier is reinforced by a falling channel bottom at 10424. Breaking below that on a daily closing basis would suggest a major reversal in progress and expose double bottom support at 10375.Resistance remains in the 10474-95 area, with a turn above that clearing the way for another challenge of the May 28 high at 10531.

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 – Rising Trend Survives 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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