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US Dollar Technical Analysis: Weekly High Back in Play

US Dollar Technical Analysis: Weekly High Back in Play

Ilya Spivak, Head Strategist, APAC

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Talking Points:

The Dow Jones FXCM US Dollar Index advanced as expected after prices put in a bullish Morning Star candlestick pattern. Near-term resistance is at 11937, the 50% Fibonacci expansion, with a break above that on a daily closing basis exposing the 61.8% level at 11985. Alternatively, a move below the 38.2% Fib at 11888 opens the door for a challenge of the 23.6% level at 11829.

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: Weekly High Back 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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