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US Dollar Technical Analysis: Down Trend Top Challenged

US Dollar Technical Analysis: Down Trend Top Challenged

Ilya Spivak, Head Strategist, APAC

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Talking Points:

The Dow Jones FXCM US Dollar Index corrected upward as expected after putting in a bullish Piercing Line candle pattern. Near-term channel resistance is at 11866, with a break above that on a daily closing basis exposing the 38.2% Fibonacci retracement at 11901. Alternatively, a reversal below the 23.6% level at 11839 clears the way for a test of the 14.6% Fib at 11801.

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: Down Trend Top Challenged

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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