US Dollar Technical Analysis: 3-Week Down Trend at Risk

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Talking Points:

• US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
• Support: 11829, 11792, 11732
• Resistance: 11888, 11937, 11985

The Dow Jones FXCM US Dollar Index moved higher as expected after producing a bullish Morning Star candlestick pattern. A daily close above the 38.2% Fibonacci expansion at 11888 exposes the 50% level at 11937. Alternatively, a reversal below the 23.6% Fib at 11829 clears the way for a test of the 14.6% level at 11792.

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.

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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