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US Dollar Technical Analysis: Stalling at Channel Support

US Dollar Technical Analysis: Stalling at Channel Support

2014-10-20 03:26:00
Ilya Spivak, Head Strategist, APAC
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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.

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