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US Dollar Technical Analysis: Digesting at Channel Support

US Dollar Technical Analysis: Digesting at Channel Support

Ilya Spivak, Head Strategist, APAC

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Talking Points:

The Dow Jones FXCM US Dollar Index is in digestion mode after turning lower as expected following the appearance of a bearish Dark Cloud Cover candlestick pattern. A daily close below falling channel support at 10905 exposesthe 38.2% Fibonacci retracementat 10845. Alternatively, a turn above support-turned-resistance at 10984 clears the way for a test of the 11058-76 area marked by the channel top and the October 15 high.

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: Digesting at Channel Support

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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