US Dollar Technical Analysis: Selloff Extends for Sixth Day
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- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11754, 11719, 11692
- Resistance:11809, 11864, 11899
The Dow Jones FXCM US Dollar Index declined for a sixth consecutive day, dropping to the weakest level in nearly three months. Near-term support is at 11754, the 123.6% Fibonacci expansion, with a break below that on a daily closing basis exposing the 138.2% level at 11719. Alternatively, a rebound above the 100% Fib at 11809 clears the way for a test of the 76.4% threshold at 11864.
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.
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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.