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US Dollar Technical Analysis: Monthly Highs Back in Play

US Dollar Technical Analysis: Monthly Highs Back in Play

Ilya Spivak, Head Strategist, APAC

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Talking Points:

The Dow Jones FXCM US Dollar Index is back to test monthly highs after rebounding from range support. A daily close above the 23.6% Fibonacci expansionat 12056 exposes the 38.2% level at 12104. Alternatively, a turn below the 14.6% expansion at 12026 clears the way for a test of the 23.6% Fib retracement at 11985.

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!

US Dollar Technical Analysis: Monthly Highs 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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