News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Mixed
Oil - US Crude
Bearish
Wall Street
Mixed
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • Ethereum/Bitcoin surge continues...#ethereum #eth #bitcoin #btc @DailyFX https://t.co/luxbShBzJq
  • Base Metals - Copper and Iron Ore at fresh ATHs #copper #ironore @DailyFX Prices via @IGcom https://t.co/04PTYTXpNc
  • Myth or fact? One thing is for sure, there are a lot of misconceptions about trading. Knowing the difference between common trading myths and the reality is essential to long-term success. Find out about these 'myths' here: https://t.co/EDvQdHfIPm https://t.co/nyjrTglRg5
  • USDCAD (weekly chart) remains under pressure - looking to break below the September 2017 low. #usdcad #usd #loonie @DailyFX https://t.co/GiqqsAWxII
  • Strong start in cryptos with double-digit gains shown. #btc #bch #eth #LTC @DailyFX Prices via @IGcom https://t.co/CRGEe3MZsm
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 88.59%, while traders in Wall Street are at opposite extremes with 79.44%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/zhxgCxuRja
  • Commodities Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Silver: 0.72% Oil - US Crude: 0.52% Gold: 0.17% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/cwqmxM5Abs
  • RT @ZabelinDimitri: Hello there, traders It’s been a while. Some news: I will be occasionally publishing reports once again for DailyFX as…
  • Forex Update: As of 07:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.49% 🇨🇦CAD: 0.07% 🇦🇺AUD: 0.07% 🇳🇿NZD: -0.07% 🇪🇺EUR: -0.13% 🇯🇵JPY: -0.38% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/6vzGUOMy7t
  • Indices Update: As of 07:00, these are your best and worst performers based on the London trading schedule: France 40: 0.55% FTSE 100: 0.46% Germany 30: 0.32% Wall Street: 0.31% US 500: 0.11% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/1lvmfOWWh7
US Dollar Technical Analysis: Stalling at Channel Support

US Dollar Technical Analysis: Stalling at Channel Support

Ilya Spivak, Head Strategist, APAC

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

The Dow Jones FXCM US Dollar Indexdeclined as expected after putting in a bearish Dark Cloud Cover candlestick pattern. Near-term support is at 10898, marked by a falling channel bottom, with a break below that on a daily closing basis exposingthe 38.2% Fibonacci retracementat 10845. Alternatively, a reversal above the channel top at 11052 opens the door for a challenge of 11143, the October 3 high.

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: Stalling 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.

DISCLOSURES