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US Dollar Technical Analysis: Prices Drop Most in a Year

US Dollar Technical Analysis: Prices Drop Most in a Year

2014-10-16 05:45:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

The Dow Jones FXCM US Dollar Index declined as expected after putting in a bearish Dark Cloud Cover candlestick pattern, issuing the largest daily drop in a year. Near-term support is at 10845, the 38.2% Fibonacci retracement, with a break below that on a daily closing basis exposingthe 10753-56 area marked by the January 2014 and the 50% level. Alternatively, a reversal above support-turned-resistance at 10984 opens the door for a challenge of October 15 high at 11076.

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: Prices Drop Most in a Year

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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