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US Dollar Technical Analysis: Prices Set New One-Month Low

US Dollar Technical Analysis: Prices Set New One-Month Low

2015-06-18 22:20:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

The Dow Jones FXCM US Dollar Index continued to push downward following yesterday’s FOMC-inspired break of range support. A daily close below the 61.8% Fibonacci expansion at 11717 exposes the 11634-40 zone (May 14 low, 76.4% level). Alternatively, a push above the 50% Fib at 11779 clears the way for a test of the 11834-41 area (horizontal pivot, 38.2% expansion).

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!

US Dollar Technical Analysis: Prices Set New One-Month 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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