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US Dollar Technical Analysis: Upswing Falters at Weekly High

US Dollar Technical Analysis: Upswing Falters at Weekly High

Ilya Spivak, Head Strategist, APAC

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Talking Points:

The Dow Jones FXCM US Dollar Index is under pressure once again having rebounded as expected after showing a bullish Piercing Line candle pattern. Near-term support is at 11837, the 14.6% Fibonacci expansion, with a break below that on a daily closing basis exposing the 23.6% level at 11799. Alternatively, a move above the 38.2% Fib retracement at 11901 clears the way for a test of the 50% threshold at 11951.

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.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

US Dollar Technical Analysis: Upswing Falters at Weekly High

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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