US Dollar Technical Analysis: Downswing Warning Remains
To receive Ilya's analysis directly via email, please SIGN UP HERE
- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11725, 11640, 11502
- Resistance:11888, 11983, 12077
The Dow Jones FXCM US Dollar may be readying to turn lower after producing a bearish Evening Star candlestick pattern. A daily close below the intersection of the 14.6% Fibonacci retracement and a rising trend line at 11725 exposes the 23.6% level at 11640. Alternatively, a reversal above the 11854-88 area marked by the March 2009 high and the 38.2% level opens the door for a challenge of the 50% Fib at 11983.
Add these technical levels directly to your charts with our Support/Resistance Wizard app!
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