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US Dollar Technical Analysis: Rally Falters at 1-Month High

US Dollar Technical Analysis: Rally Falters at 1-Month High

Ilya Spivak, Head Strategist, APAC

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Talking Points:

The Dow Jones FXCM US Dollar Index stalled after prices advanced to a monthly high having reversed upward as expected. A daily close above the 50% Fibonacci expansion at 11937 exposes the 61.8% level at 11985. Alternatively, a turn below the 38.2% Fib at 11888 clears the way for a test of the 23.6% level at 11829.

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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US Dollar Technical Analysis: Rally Falters at 1-Month High

** 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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