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US Dollar Technical Analysis: Deeper Losses Hinted Ahead

US Dollar Technical Analysis: Deeper Losses Hinted Ahead

Ilya Spivak, Head Strategist, APAC

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Talking Points:

The Dow Jones FXCM US Dollar Index looks set to continue downward after prices cleared yet another level of chart support, dropping to the lowest level in close to two months. A daily close below the 50% Fibonacci retracement at 11853 exposes the 61.8% at 11801. Alternatively, a reversal back above the 38.2% Fib at 11904 clears the way for a test of the 11968-84 area (23.6% retracement, trend line support-turned-resistance).

From a longer-term perspective, out outlook continues to call for a broadly stronger US Dollar against its major currency counterparts. That paints further near-term weakness as corrective within the context of a broader advance. With that in mind, we will continue to hold long the benchmark currency 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.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.