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US Dollar Technical Analysis: Narrow Range Remains in Play

US Dollar Technical Analysis: Narrow Range Remains in Play

2015-06-16 01:43:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

The Dow Jones FXCM US Dollar Index paused to digest losses after sliding to the weakest level in three weeks. Near-term support is at 11834-9 area (May 20 close, 50% Fibonacci retracement), with a break below that on a daily closing basis exposing the 61.8% level at 11790. Alternatively, a move above the 38.2% Fib at 11887 opens the door for a challenge of the 23.6% retracement at 11946.

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!

US Dollar Technical Analysis: Narrow Range Remains in Play

** 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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