US Dollar Technical Analysis: Choppy Consolidation Continues
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- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11887, 11839, 11790
- Resistance: 12043, 12149, 12222
The Dow Jones FXCM US Dollar Index continues to mark time in a choppy range after opening June at a seven-week high. Near-term support is at 11887, the 38.2% Fibonacci retracement, with a break below that on a daily closing basis exposing the 50% level at 11839. Alternatively, a move above the 12024-43 area (June 1 and June 5 highs) opens the door for a challenge of double top resistance at 12149.
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.
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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.