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US Dollar Technical Analysis: Digesting at February Low

US Dollar Technical Analysis: Digesting at February Low

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 in the 11854-78 area (March 2009 high, 14.6% Fibonacci expansion), with a break below that on a daily closing basis exposing the 11679-737 region (February 26 low, 38.2% Fib retracement). Alternatively, a move back above the 23.6% level at 11965 clears the way for a test of the 12107-49 zone (38.2% expansion, March 13 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 theMirror Trader US Dollar currency basket.

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

US Dollar Technical Analysis: Digesting at February Low

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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