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US Dollar Technical Analysis: 3-Month Trend Line Holds Up

US Dollar Technical Analysis: 3-Month Trend Line Holds Up

Ilya Spivak, Head Strategist, APAC

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Talking Points:

The Dow Jones FXCM US Dollar continues to stall at trend line support guiding the move higher since early May. Near-term support is at 11968 (trend line, 23.6% Fibonacci retracement), with a break below that on a daily closing basis exposing the 38.2% level at 11904. Alternatively, a move above the June 1 high at 12043 opens the door for a challenge of the March 13 high at 12149.

We remain broadly bullish on the US Dollar against its leading counterparts in line with our long-term fundamental outlook. As such, we remain 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.

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