US Dollar Technical Analysis: Probing at Monthly Highs
To receive Ilya's analysis directly via email, please SIGN UP HERE
- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11836, 11759, 11711
- Resistance: 11898, 11960, 12037
The Dow Jones FXCM US Dollar Index is attempting to extend upside momentum after touching the highest level in a month. A daily close above the 50% Fibonacci retracementat 11898 exposes the 61.8% level at 11960. Alternatively, a reversal below the 38.2% Fib at 11836 opens the door for a challenge of the 23.6% retracement at 11759.
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.
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.