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US Dollar Technical Analysis: Bounce Extends to 1-Month High

US Dollar Technical Analysis: Bounce Extends to 1-Month High

Ilya Spivak, Head Strategist, APAC

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Talking Points:

The Dow Jones FXCM US Dollar Index narrowly edged above chart resistance, hinting further gains may be ahead. A daily close above the 76.4% Fibonacci retracementat 12037 exposes the March 13 high at 12149. Alternatively, a turn below the 61.8% Fib at 11960 clears the way for a test of the 50% retracement at 11898.

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!

US Dollar Technical Analysis: Bounce Extends to 1-Month High

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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