US Dollar Technical Analysis: Digesting in Choppy Range
09 Jun 2015 00:40, 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: 11887, 11839, 11790
- Resistance: 12043, 12149, 12200
The Dow Jones FXCM US Dollar Index is consolidating in a choppy range after opening June at a seven-week high. A daily close below the 38.2% Fibonacci retracement at 11887 exposes the 50% level at 11839. Alternatively, a rebound above the 12024-43 area (June 1 and June 5 highs) clears the way for a test of double top resistance at 12149.
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.