US Dollar Technical Analysis: 3-Week Holding as Support
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- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11834, 11790, 11731
- Resistance: 11887, 11946, 12043
The Dow Jones FXCM US Dollar Index continues to tread water after sliding to a three-week low last week. A daily close below the 11834-9 area (May 20 close, 50% Fibonacci retracement) exposes the 61.8% level at 11790. Alternatively, a push above the 38.2% Fib at 11887 clears the way for a test of the 23.6% retracement at 11946.
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** 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.