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US Dollar Technical Analysis: Deeper Pullback Seen Ahead

US Dollar Technical Analysis: Deeper Pullback Seen Ahead

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Talking Points:

The Dow Jones FXCM US Dollar Index turned lower as expected, with a break of chart support pointing to further weakness ahead. A daily close below the 11854-78 area (March 2009 high, 14.6% Fibonacci expansion) exposes the 11679-737 region (February 26 low, 38.2% Fib retracement). Alternatively, a reversal back above the 23.6% level at 11965 clears the way for a test of the 12107-49 zone (38.2% expasion, March 13 high).

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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