US Dollar Technical Analysis: Prices Hit 4-Month Low
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- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11688, 11737, 11785
- Resistance:11638, 11576, 11476
The Dow Jones FXCM US Dollar Index cleared April’s swing bottom, sinking to the lowest level in four months. A daily close below the 61.8% Fibonacci expansion at 11638 exposes the 76.4% level at 11576. Alternatively, a push above the 50% Fib at 11688 opens the door for a challenge of the 38.2% threshold at 11737.
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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.