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US Dollar Technical Analysis: Prices Drop Most in 3 Weeks

US Dollar Technical Analysis: Prices Drop Most in 3 Weeks

Ilya Spivak, Head Strategist, APAC

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Talking Points:

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.

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 Drop Most in 3 Weeks

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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