US Dollar Technical Analysis: April Bottom Under Fire
To receive Ilya's analysis directly via email, please SIGN UP HERE
- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11736, 11688, 11638
- Resistance:11801, 11899, 11967
The Dow Jones FXCM US Dollar Index is threatening to break below April’s swing bottom after touching the lowest level in nearly four months. 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 trend line resistance at 11801 clears the way for a test of the May 5 high at 11899.
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!
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.