US Dollar Technical Analysis: Bounce Extends to 1-Month High
28 May 2015 03:20, GMTTo receive Ilya's analysis directly via email, please SIGN UP HERE
Talking Points:
- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11960, 11898, 11836
- Resistance: 12037, 12149, 12214
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.
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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.