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US Dollar Technical Analysis: Prices Hit Four-Year High

US Dollar Technical Analysis: Prices Hit Four-Year High

Ilya Spivak, Head Strategist, APAC

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Talking Points:

The Dow Jones FXCM US Dollar Indexextended to the highest level in over four years having marked uptrend resumption with a breakout from a Flag pattern. Near-term resistance is at 11143, the October 3 high, with a break above that on a daily closing basis exposing the 38.2% level at 11216. Alternatively, a reversal below the 23.6% Fib at 11102 opens the door for a challenge of trend line support at 10982.

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 Hit Four-Year High

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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