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US Dollar Technical Analysis: Prices Drop Most in 3 Months

US Dollar Technical Analysis: Prices Drop Most in 3 Months

Ilya Spivak, Head Strategist, APAC

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Talking Points:

The Dow Jones FXCM US Dollar Index turned sharply lower, producing the largest decline in close to three months. A daily close below the 23.6% Fibonacci retracement at 11918 exposes the 38.2% level at 11841. Alternatively, a move above the 14.6% Fib at 11966 clears the way for a test of the June 1 high at 12043.

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.

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