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US Dollar Technical Analysis: Top in Place at 6-Year High?

US Dollar Technical Analysis: Top in Place at 6-Year High?

Ilya Spivak, Head Strategist, APAC

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Talking Points:

The Dow Jones FXCM US Dollar Index looks likely to continue downward following the appearance of a bearish Evening Star candle pattern having reversed as expected. A daily close below the 14.6% Fibonacci retracementat 11599 exposes the 23.6% level at 11527. Alternatively, a reversal above the 23.6% Fib expansion at 11699 opens the door for a challenge of the 38.2% threshold at 11796.

Our long-term fundamental 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: Top in Place at 6-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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