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US Dollar Technical Analysis: Rally Pauses at 1-Month High

US Dollar Technical Analysis: Rally Pauses at 1-Month High

2014-07-24 03:58:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

The Dow Jones FXCM US Dollar Index are edging upward as expected after putting in a Bullish Engulfing candle pattern at support set from October 2013. Near-term resistance is at 10456, the 23.6% Fibonacci retracement, with a daily close above that exposing the 38.2% level at 10513. Alternatively, turn beneath rising trend line support set from the July 1 low at 10434 clears the way for a challenge of the July 9 low at 10392, followed by a triple bottom in the 10354-75 area.

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: Rally Pauses at 1-Month High

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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