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US Dollar Technical Analysis: Bullish Momentum Fading?

US Dollar Technical Analysis: Bullish Momentum Fading?

Ilya Spivak, Head Strategist, APAC

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Talking Points:

The Dow Jones FXCM US Dollar Indexmay be on the verge of a correction lower as negative RSI divergence points to ebbing bullish momentum. Near-term support is at 10913, marked by a rising trend line set from set from late August, with a break below that on a daily closing basis exposing the 14.6% Fibonacci retracement at 10869. Alternatively, a turn above the 14.6% Fib expansion at 10957 opens the door for a challenge of the 23.6% threshold at 11008.

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: Bullish Momentum Fading?

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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