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US Dollar Technical Analysis: Deeper Losses Seen Ahead

US Dollar Technical Analysis: Deeper Losses Seen Ahead

Ilya Spivak, Head Strategist, APAC

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Talking Points:

The Dow Jones FXCM US Dollar Index declined for a second consecutive day, with prices looking vulnerable to deeper losses. Near-term support is at 11980, the 14.6% Fibonacci retracement, with a break below that on a daily closing basis exposing the 11868-86 area (23.6% level, March 18 low). Alternatively, a push above the 14.6% Fib expansion at 12066 clears the way for a test of the 12149-77 zone (March 13 high, 23.6% expansion).

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: Deeper Losses Seen Ahead

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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