US Dollar Technical Analysis: Down Trend Boundary Tested
To receive Ilya's analysis directly via email, please SIGN UP HERE
- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11638, 11576, 11476
- Resistance: 11759, 11836, 11898
The Dow Jones FXCM US Dollar Index launched a corrective recovery having found support at the lowest level in four months. Near-term resistance is at 11759, the 23.6% Fibonacci retracement, with a break above that on a daily closing basis exposing the 38.2% level at 11836. Alternatively, a turn below the 61.8% Fib expansion at 11638 clears the way for a test of the 76.4% threshold at 11576.
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.