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US Dollar Technical Analysis: Prices Rise for Fourth Day

US Dollar Technical Analysis: Prices Rise for Fourth Day

2014-11-25 01:40:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

The Dow Jones FXCM US Dollar Indexedged higher for a fourth consecutive day, with buyers seemingly on pace to set a new year-to-date high. Near-term resistance is at 11374, the 38.2% Fibonacci expansion, with a break above that on a daily closing basis exposing the 50% level at 11422. Alternatively, a turn below the 23.6% Fib at 11315 opens the door for a challenge of the 14.6% expansion at 11278.

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 Rise for Fourth Day

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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