US Dollar Technical Analysis: Prices Drop Most in a Month
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- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11809, 11754, 11719
- Resistance:11864, 11899, 11927
The Dow Jones FXCM US Dollar Index continues to correct downward, sliding to the weakest level in two months. A daily close below the 100% Fibonacci expansion at 11809 exposes the 123.6% level at 11754. Alternatively, a move above the 76.4% Fib at 11864 opens the door for a challenge of the 61.8% expansion at 11899.
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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.