US Dollar Technical Analysis: Prices Drop Most in 3 Weeks
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- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11306, 11265, 11199
- Resistance:11374, 11422, 11469
The Dow Jones FXCM US Dollar Indexrecoiled downward after hitting a five-year high, issuing the largest daily decline in three weeks. Near-term support is at 11306, the 14.6% Fibonacci retracement, with a break below that on a daily closing basis exposing the 23.6% level at 11265. Alternatively, a turn above the 38.2% Fib expansion at 11374 opens the door for a challenge of the 50% threshold at 11422.
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