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US Dollar Technical Analysis: Rally Extends to 7-Month High

US Dollar Technical Analysis: Rally Extends to 7-Month High

Ilya Spivak, Head Strategist, APAC

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Talking Points:

The Dow Jones FXCM US Dollar Indexcontinues to extend upward, with prices advancing to the highest level in seven months. A daily close above the 14.6% Fibonacci retracement at 10660 exposes the 23.6% level at 10687. Alternatively, a reversal below the August 28 low at 10616 opens the door for a challenge of resistance-turned-support at 10579, the August 14 high.

Our long-term US Dollar outlook calls for a broadly stronger US Dollar against its major currency counterparts. With that in mind, we are holding long via theMirror Trader US Dollar currency basket.

US Dollar Technical Analysis: Rally Extends to 7-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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