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US Dollar Technical Analysis: Range Resistance Holds Up

US Dollar Technical Analysis: Range Resistance Holds Up

2015-02-27 07:02:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

The Dow Jones FXCM US Dollar Index issued its largest advance in a month but prices failed to overcome range resistance to secure a breakout. Near-term resistance is in the 11854-76 area (14.6% Fibonacci expansion, March 2009 high), with a break above that on a daily closing basis exposing the 23.6% level at 11963. Alternatively, a below the 14.6% Fib retracementat 11740 opens the door for a challenge of the 23.6% threshold at 11653.

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.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

US Dollar Technical Analysis: Range Resistance Holds Up

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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