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US Dollar Technical Analysis: Drop Extends for Fourth Day

US Dollar Technical Analysis: Drop Extends for Fourth Day

Ilya Spivak, Head Strategist, APAC

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Talking Points:

The Dow Jones FXCM US Dollar Index declined for a fourth consecutive day, dropping to the weakest level in nearly two months. Near-term support is at 11864, the 76.4% Fibonacci expansion, with a break below that on a daily closing basis exposing the 100% level at 11809. Alternatively, a rebound above the 61.8% Fib at 11899 clears the way for a test of the 50% threshold at 11927.

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: Drop Extends for Fourth Day

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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