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US Dollar Technical Analysis: Prices Retreat from 4-Year High

US Dollar Technical Analysis: Prices Retreat from 4-Year High

2014-11-05 06:14:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

The Dow Jones FXCM US Dollar Indexcorrected downward after piercing October’s high to hit the strongest level in over four years. Near-term resistance is at 11216, the 38.2% Fibonacci expansion, with a break above that on a daily closing basis exposing the 50% level at 11308. Alternatively, a reversal below the 11102-43 area marked by the October 3 high and the 23.6% Fib opens the door for a challenge of trend line support at 10993.

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 Retreat from 4-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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