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US Dollar Technical Analysis: Prices Drop Most in 3 Months

US Dollar Technical Analysis: Prices Drop Most in 3 Months

2014-09-16 23:33:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

The Dow Jones FXCM US Dollar Indexsnapped a six-day advance with the largest daily decline in three months. A daily close below the 76.4% Fibonacci expansion at 10844 exposes the 61.8% level at 10800. Alternatively, a push above the 10898-914 area marked by the September 16 high and the 100% Fib at clears the way for a test of the 123.6% expansion at 10984.

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: Prices Drop Most in 3 Months

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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