US Dollar Technical Analysis: Quiet Consolidation Continues
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- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11736, 11688, 11638
- Resistance:11839, 11901. 11951
The Dow Jones FXCM US Dollar Index continues to drift sideways in consolidation mode above April’s swing bottom. A daily close below the 11736-7 area (February 6 low, 38.2% Fibonacci expansion) exposes the 50% level at 11688. Alternatively, a push above the 23.6% Fib retracement at 11839 opens the door for a challenge of the 38.2% threshold at 11901.
We remain broadly bullish on the US Dollar against its leading counterparts in line with our long-term fundamental outlook. As such, we remain 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.