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US Dollar Technical Analysis: Corrective Downswing Signaled

US Dollar Technical Analysis: Corrective Downswing Signaled

Ilya Spivak, Head Strategist, APAC

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Talking Points:

The Dow Jones FXCM US Dollar Indexappears vulnerable to a correction lower having produced a bearish Dark Cloud Cover candlestick pattern. A daily close below the 23.6% Fibonacci retracement at 11211 exposes the 11143-55 area marked by the October 3 high and the 38.2% level. Alternatively, a turn above the 14.6% retracement at 11246 opens the door for a challenge of the 50% Fib expansion at 11295.

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

US Dollar Technical Analysis: Corrective Downswing Signaled

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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