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US Dollar Technical Analysis: Monthly Top in the Crosshairs

US Dollar Technical Analysis: Monthly Top in the Crosshairs

2014-11-19 04:16:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

The Dow Jones FXCM US Dollar Indexis attempting to rebuild upside momentum after a period of consolidation, with prices on pace to test November’s high. Near-term resistance is at 11315, the 23.6% Fibonacci expansion, with a break above that on a daily closing basis exposing the 38.2% level at 11374. Alternatively, a reversal below the 14.6% expansion at 11278 clears the way for a test of the 23.6% Fib retracement at 11227.

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: Monthly Top in the Crosshairs

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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