Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View More
US Dollar Technical Analysis: Uptrend Resumption at Hand?

US Dollar Technical Analysis: Uptrend Resumption at Hand?

Ilya Spivak,

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

The Dow Jones FXCM US Dollar Index recovered as expected following the formation of a bullish Piercing Line candlestick pattern. Prices have completed four consecutive days on the upside and now stand poised to challenge resistance capping gains since late May.

A daily close above the 12043-59 area, marked by the May 31 highand the 61.8% Fibonacci expansion, exposes the 12123-49 zone bracketed by the March 12 top and the 76.4% level. Alternatively, a turn back below the 50% Fib at 12008 opens the door for a challenge of the 38.2% expansion at 11956.

On a long-term basis, the trend in the US Dollar has favored the upside since mid-2011. Confirmation of near-term resumption remains elusive for now, particularly considering the hefty dose of fundamental event risk on tap ahead. With that in mind, we continue to hold a passive long position via the USD basket but opt to wait before putting on new exposure for the time being.

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.

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