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US Dollar Technical Analysis: Corrective Losses Hinted Ahead

US Dollar Technical Analysis: Corrective Losses Hinted Ahead

2014-09-24 01:40:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

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.

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: Corrective Losses Hinted Ahead

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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