US Dollar Technical Analysis: Marking Time in Familiar Range

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Talking Points:

• 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.

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** 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