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US Dollar Technical Analysis: February Top Under Pressure

US Dollar Technical Analysis: February Top Under Pressure

Ilya Spivak, Head Strategist, APAC

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Talking Points:

The Dow Jones FXCM US Dollar Index advanced as expected after breaking higher from a Triangle chart formation. Near-term resistance is in the 12149-53 area (March 13 high, 100% Fibonacci expansion), with a break above that on a daily closing basis exposing the 123.6% level at 12201. Alternatively, a move back below the76.4% Fib at 12105 clears the way for a test of the 61.8% expansion at 12076.

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: February Top Under Pressure

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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