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US Dollar Technical Analysis: Attempting to Restart Rally

US Dollar Technical Analysis: Attempting to Restart Rally

Ilya Spivak, Head Strategist, APAC

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Talking Points:

The Dow Jones FXCM US Dollar Index is attempting to launch a recovery after turning aggressively lower, as expected. A daily close above the 12107-49 area (38.2% Fibonacci expansion, March 13 high), exposes the 50% level at 12221. Alternatively, a move below the 23.6% Fibat 11965 opens the door for a challenge of exposing the 11854-78 area (March 2009 high, 14.6% expansion).

We remain broadly bullish on the US Dollar against its leading counterparts in line with our long-term fundamental outlook. As such, we remain 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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