US Dollar Technical Analysis: Marking Time in Familiar Range
To receive Ilya's analysis directly via email, please SIGN UP HERE
- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11985, 11937, 11898
- Resistance: 12043, 12149, 12203
The Dow Jones FXCM US Dollar touched the strongest level in four months but failed to hold onto gains, retreating back into its now-familiar consolidation range. 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!
** 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.