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US Dollar Technical Analysis: New Five-Year High in Place

US Dollar Technical Analysis: New Five-Year High in Place

Ilya Spivak, Head Strategist, APAC

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Talking Points:

The Dow Jones FXCM US Dollar Indexhas advanced to a five-year high as prices resume the march higher following a brief period of consolidation. A daily close above the 23.6% Fibonacci expansionat 11315 exposes the 38.2% level at 11374. Alternatively, a turn below the 14.6% expansion at 11278 opens the door for a challenge of the November 17 low at 11219.

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: New Five-Year High in Place

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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