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US Dollar Technical Analysis: Trend Line Support Broken

US Dollar Technical Analysis: Trend Line Support Broken

Ilya Spivak, Head Strategist, APAC

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Talking Points:

The Dow Jones FXCM US Dollar Index edged lower as expected following the appearance of negative RSI divergence. Near-term support is at 11985, the 23.6% Fibonacci retracement, with a break below that ton a daily closing basis exposing the 38.2% level at 11937. Alternatively, a turn above the 14.6% Fib at 12015 opens the door for a challenge of trend line support-turned-resistance at 12034.

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: Trend Line Support Broken

** 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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