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US Dollar Technical Analysis: Upside Bias Intact for Now

US Dollar Technical Analysis: Upside Bias Intact for Now

Ilya Spivak, Head Strategist, APAC

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Talking Points:

The Dow Jones FXCM US Dollar Indexpaused to consolidate following a breakout that seems to mark longer-term uptrend resumption. A daily close above the 11102-43 area marked by the 23.6% Fibonacci expansion and the October 3 high exposes the 38.2% level at 11216. Alternatively, a turn below the intersection of channel top resistance-turned-support and the 23.6% Fib retracement at 10959 clears the way for a test of the 38.2% threshold at 10845.

We remain broadly bullish on the US Dollar against its leading counterparts in line with our long-term fundamental outlook. As such, we remain long via theMirror Trader US Dollar currency basket.

US Dollar Technical Analysis: Upside Bias Intact for Now

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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