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US Dollar Technical Analysis: Prices Bounce at Range Floor

US Dollar Technical Analysis: Prices Bounce at Range Floor

Ilya Spivak, Head Strategist, APAC

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Talking Points:

The Dow Jones FXCM US Dollar Index is attempting to rebuild upside momentum after finding range bottom support. Near-term resistance is at 12026, the 14.6% Fibonacci expansion, with a break above that on a daily closing basis exposing the 23.6% level at 12056. Alternatively, a reversal below the 23.6% Fib retracement at 11985 opens the door for a challenge of the 38.2% threshold at 11937.

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: Prices Bounce at Range Floor

** 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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