US Dollar Technical Analysis: Three-Month Uptrend at Risk
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- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11937, 11898, 11858
- Resistance: 11985, 12043, 12149
The Dow Jones FXCM US Dollar Index broke through range support to hit the lowest level in a month. Near-term support is at 11937 (trend line, 38.2% Fibonacci retracement), with a break below that on a daily closing basis exposing the 50% level at 11898. Alternatively, a move above the 23.6% Fib at 11985 opens the door for a challenge of the June 1 high at 12043.
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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