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US Dollar Technical Analysis: Consolidating Near April Low

US Dollar Technical Analysis: Consolidating Near April Low

Ilya Spivak, Head Strategist, APAC

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Talking Points:

The Dow Jones FXCM US Dollar Index paused to digest losses after a shallow rebound faltered and took prices back toward April’s bottom. Near-term support is in the 11736-7 area (February 6 low, 38.2% Fibonacci expansion), with a break below that on a daily closing basis exposing the 50% level at 11688. Alternatively, a move above the 23.6% Fib retracement at 11839 clears the way for a test of the 38.2% threshold at 11901.

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: Consolidating Near April Low

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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