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US Dollar Technical Analysis: Digesting Near 5-Year High

US Dollar Technical Analysis: Digesting Near 5-Year High

2014-12-09 04:10:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

The Dow Jones FXCM US Dollar Index paused to consolidate after producing the largest daily rally in five weeks. Near-term resistance is at 11511, the 50% Fibonacci expansion, with a break above that on a daily closing basis exposing the 61.8% level at 11565. Alternatively, a reversal below the 38.2% Fib at 11457 clears the way for a test of the 23.6% expansion at 11391.

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: Digesting Near 5-Year High

Daily Chart - Created Using FXCM Marketscope

** 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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