US Dollar Technical Analysis: Rally Falters at 1-Month High
To receive Ilya's analysis directly via email, please SIGN UP HERE
- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11888, 11829, 11792
- Resistance: 11937, 11985, 12044
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.
Add these technical levels directly to your charts with our Support/Resistance Wizard app!
** 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.