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US Dollar Technical Analysis: Downward Reversal Continues

US Dollar Technical Analysis: Downward Reversal Continues

Ilya Spivak, Head Strategist, APAC

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Talking Points:

The Dow Jones FXCM US Dollar Index continued to edge downward, producing the lowest daily close in a week. Near-term horizontal pivot support is at 11884, with a break below that on a daily closing basis exposing the 38.2% level at 11841. Alternatively, a move above the 23.6% Fib at 11918 opens the door for a challenge of the 14.6% expansion at 11966.

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!

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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