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US Dollar Technical Analysis: Prices Drop to 3-Week Low

US Dollar Technical Analysis: Prices Drop to 3-Week Low

Ilya Spivak, Head Strategist, APAC

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Talking Points:

The Dow Jones FXCM US Dollar Index declined to a three-week low after breaking the range capping the downside for the past three weeks. A daily close below the 61.8% Fibonacci retracement at 11790 exposes the 76.4% level at 11731. Alternatively, a rebound back above the 50% Fib at 11839clears the way for a test of the 38.2% retracement at 11887.

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!

** 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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