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US Dollar Technical Analysis – Stalling at Multi-Year Support

US Dollar Technical Analysis – Stalling at Multi-Year Support

2014-06-24 05:51:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

The Dow Jones FXCM US Dollar Index continues to find itself in a precarious position as prices test multi-year trend support set from July 2011. This barrier (now at 10417) is reinforced by a falling channel bottom at 10409. A daily close below that would suggest a major reversal is in progress and initially expose double bottom support at 10375, followed by the June 2012 high at 10323.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.

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 – Stalling at Multi-Year Support

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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