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US Dollar Technical Analysis – Multi-Year Uptrend at Risk

US Dollar Technical Analysis – Multi-Year Uptrend at Risk

Ilya Spivak, Head Strategist, APAC

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Talking Points:

The Dow Jones FXCM US Dollar Index continues fall in the aftermath of the FOMC announcement, probing below multi-year trend support (10434). This barrier is reinforced by a falling channel bottom at 10419. Breaking below that on a daily closing basis would suggest a major reversal is in progress and expose a double bottom at 10375.Resistance remains in the 10474-95 area, with a turn above that opening the door for another test of the May 28 high at 10531.

Our long-term fundamental outlook continues to call for a broadly stronger US Dollar against its leading counterparts. With that in mind, we remain long via the Mirror Trader US Dollar currency basket.

US Dollar Technical Analysis – Multi-Year Uptrend at Risk

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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