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US Dollar Technical Analysis: 13-Month High Established

US Dollar Technical Analysis: 13-Month High Established

Ilya Spivak, Head Strategist, APAC

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Talking Points:

The Dow Jones FXCM US Dollar Indexcontinues to push unrelentingly higher, tagging the strongest level in 13 months. Near-term resistance is at 10871, the 38.2% Fibonacci expansion, with a break above that on a daily closing basis exposing the 50% level at 10919. Alternatively, a reversal below the 23.6% Fib at 10812 opens the door for a challenge of the 10759-75 area marked by the January 2014 high and the 14.6% expansion.

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: 13-Month High Established

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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