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US Dollar Technical Analysis: Monthly High in the Crosshairs

US Dollar Technical Analysis: Monthly High in the Crosshairs

Ilya Spivak, Head Strategist, APAC

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Talking Points:

The Dow Jones FXCM US Dollar Index is accelerating upward anew, with prices on pace to challenge monthly highs. Near-term resistance is at 12018, the 38.2% Fibonacci expansion, with a break above that on a daily closing basis exposing the 50% level at 12067. Alternatively, a turn below the 236% Fib at 11959 opens the door for a challenge of the 14.6% expansion at 11922.

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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