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US Dollar Technical Analysis: Chart Barrier Caps Rebound

US Dollar Technical Analysis: Chart Barrier Caps Rebound

Ilya Spivak, Head Strategist, APAC

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Talking Points:

The Dow Jones FXCM US Dollar Index advanced for a fourth consecutive day but failed to clear a near-term upside chart barrier. Near-term resistance is at 11836, the 38.2% Fibonacci retracement, with a break above that on a daily closing basis exposing the 50% level at 11898. Alternatively, a turn back below the 11748-59 area (range support, 23.6% Fib) clears the way for a test of the 14.6% retracement at 11711.

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!

US Dollar Technical Analysis: Chart Barrier Caps Rebound

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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