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US Dollar Technical Analysis: Prices Drop Most in a Month

US Dollar Technical Analysis: Prices Drop Most in a Month

Ilya Spivak, Head Strategist, APAC

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Talking Points:

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.

We remain broadly bullish on the US Dollar against its leading counterparts in line with ourlong-term fundamental outlook. As such, we remain 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: Prices Drop Most in a Month

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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