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US Dollar Technical Analysis: Rising Trend Support in Focus

US Dollar Technical Analysis: Rising Trend Support in Focus

Ilya Spivak, Head Strategist, APAC

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Talking Points:

The Dow Jones FXCM US Dollar Index paused consolidate after sliding to the weakest level in a month. A daily close below 11937 (trend line, 38.2% Fibonacci retracement) exposes the 50% level at 11898. Alternatively, a turn above the 23.6% Fib at 11985 clears the way for a test of the June 1 high at 12043.

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: Rising Trend Support in Focus

** 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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