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US Dollar Technical Analysis: Prices Recoil From 11-Year High

US Dollar Technical Analysis: Prices Recoil From 11-Year High

Ilya Spivak, Head Strategist, APAC

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Talking Points:

The Dow Jones FXCM US Dollar Index reversed downward as expected, making good on bearish cues telegraphed through negative RSI divergence. Near-term support is at 11965, the 23.6% Fibonacci expansion, with a break below that on a daily closing basis exposing the 11854-78 area (March 2009 high, 14.6% level). Alternatively, a move above the 12107-49 zone (38.2% Fib, March 13 high) clears the way for a test of the 50% expansion at 12221.

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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