US Dollar Technical Analysis: Working Toward Range Support
To receive Ilya's analysis directly via email, please SIGN UP HERE
- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11740, 11653, 11513
- Resistance:11829, 11876, 11963
The Dow Jones FXCM US Dollar Index looks to have reversed downward as expected after putting in a bearish Evening Star candlestick pattern. A daily close below the 14.6% Fibonacci retracementat 11740 exposes the 23.6% level at 11653. Alternatively, a turn above trend line support-turned-resistance at 11829 clears the way for a test of the 11854-76 zone (14.6% Fib expansion, March 2009 high).
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