US Dollar Technical Analysis: Corrective Losses Hinted Ahead
To receive Ilya's analysis directly via email, please SIGN UP HERE
- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 10869, 10816, 10729
- Resistance:10957, 11008, 11092
The Dow Jones FXCM US Dollar Indexmay be carving out a top as negative RSI divergence warns of ebbing upside momentum. A daily close below rising trend line support at 10931 exposes the 14.6% Fibonacci retracement at 10869. Alternatively, a reversal above the 14.6% Fib expansion at 10957 clears the way for a test of the 23.6% threshold at 11008.
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.