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US Dollar Technical Analysis: Prices Drop to 6-Week Low

US Dollar Technical Analysis: Prices Drop to 6-Week Low

Ilya Spivak, Head Strategist, APAC

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Talking Points:

The Dow Jones FXCM US Dollar Index continues to sink after breaking support guiding prices higher since mid-May. Near-term support is at 11904, 38.2% Fibonacci retracement, with a break below that on a daily closing basis exposing the 50% level at 11853. Alternatively, a move above the 11968-79 area (trend line, 23.6% Fib retracement) opens the door for a challenge of the 12043-50 zone (June 1 high, 23.6% Fib expansion).

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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