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US Dollar Technical Analysis: Aiming to Extend Advance

US Dollar Technical Analysis: Aiming to Extend Advance

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Talking Points:

The Dow Jones FXCM US Dollar Index looks poised to continue higher after prices put in the largest daily advance in six weeks. Near-term resistance is at 12107, the 38.2% Fibonacci expansion, with a break above that on a daily closing basis exposing the 50% level at 12221. Alternatively, a below the 23.6% Fib at 11965 opens the door for a challenge of the 11854-76 area (14.6% Fibonacci expansion, March 2009 high).

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 the Mirror Trader US Dollar currency basket.

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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