US Dollar Technical Analysis: Attempting to Launch Rebound

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

• US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
• Support: 11858, 11679, 11534
• Resistance:12066, 12177, 12356

The Dow Jones FXCM US Dollar Index is attempting to launch a recovery after moving downward as expected. Near-term support is in the 11858-86 area (March 18 low, 23.6% Fibonacci retracement), with a break below that on a daily closing basis exposing the 38.2% level at 11679. Alternatively, a turn above the 14.6% Fib expansion at 12066 clears the way for a test of the 12149-77 zone (March 13 high, 23.6% threshold).

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