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US Dollar Technical Analysis – Cautious Recovery Attempted

US Dollar Technical Analysis – Cautious Recovery Attempted

Ilya Spivak, Head Strategist, APAC

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Talking Points:

The Dow Jones FXCM US Dollar Index is attempting to launch a recovery after testing multi-year rising trend support set from July 2011. This barrier (now at 10419) is reinforced by a falling channel bottom at 10404. Resistance continues to stand in the 10474-95 area, with a break above that on a daily closing basis opening the door for a challenge of the May 28 high at 10531. Alternatively, a turn below support would hint a major reversal is in progress and initially expose double bottom support at 10375, followed by the June 2012 high at 10323.

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 – Cautious Recovery Attempted

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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