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US Dollar Technical Analysis: Range Resistance Under Pressure

US Dollar Technical Analysis: Range Resistance Under Pressure

2015-08-04 03:29:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

The Dow Jones FXCM US Dollar is back to test monthly highs after rebounding from range support. A daily close above the June 1 highat 12043 exposes a double top at 12149. Alternatively, a turn below the 23.6% Fibonacci retracement at 11985 clears the way for a test of the 38.2% level at 11937.

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: Range Resistance Under Pressure

** 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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