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US Dollar Technical Analysis – Key Support Still Under Fire

US Dollar Technical Analysis – Key Support Still Under Fire

Ilya Spivak, Head Strategist, APAC

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Talking Points:

The Dow Jones FXCM US Dollar Index remains under pressure, with prices probing below multi-year trend support set from July 2011. This barrier (10434) is reinforced by a falling channel bottom at 10414. A daily close below that would suggest a major reversal is in progress and initially expose double bottom support at 10375.Resistance remains in the 10474-95 area, with a move 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 – Key Support Still Under Fire

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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