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US Dollar Technical Analysis: Topping Warning Remains

US Dollar Technical Analysis: Topping Warning Remains

2014-09-11 06:12:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

The Dow Jones FXCM US Dollar Indexmay be topping as prices produce a Shooting Star candlestick after setting a fresh 2014 high. A daily close below the 61.8% Fibonacci expansion at 10800 exposes the 10756-65 area marked by the January 2014 high and the 50% level. Alternatively, a push above the 76.4% Fib at 10844 clears the way for a test of the 100% expansion at 10914.

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: Topping Warning Remains

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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