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US Dollar Technical Analysis: Prices Drop to Monthly Low

US Dollar Technical Analysis: Prices Drop to Monthly Low

Ilya Spivak, Head Strategist, APAC

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Talking Points:

The Dow Jones FXCM US Dollar Index broke downward out of consolidation, hitting the weakest level in a month. Near-term support is at 11790, the 61.8% Fibonacci retracement, with a break below that on a daily closing basis exposing the 76.4% level at 11731. Alternatively, a move above the 11834-9 area (May 20 close, 50% Fib) opens the door for a challenge of the 38.2% retracement at 11887.

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: Prices Drop to Monthly Low

** 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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