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US Dollar Technical Analysis: Reversal Lower Resuming?

US Dollar Technical Analysis: Reversal Lower Resuming?

Ilya Spivak, Head Strategist, APAC

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Talking Points:

The Dow Jones FXCM US Dollar Index appears to be resuming its downward reversal after retesting broken trend line support as resistance. Near-term support is at 11950, the 50% Fibonacci retracement, with a break below that on a daily closing basis exposing the 61.8% level at 11899. Alternatively, a rebound above the 14.6% Fib expansion at 11989 clears the way for a test of the 23.6% threshold at 12027.

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!

US Dollar Technical Analysis: Reversal Lower Resuming?

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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