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US Dollar Technical Analysis: Prices Drop to Monthly Low

Ilya Spivak

DailyFX.com -

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Talking Points:

  • US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **

  • Support: 11899, 11864, 11809

  • Resistance:11927, 11954, 11989

The Dow Jones FXCM US Dollar Index continues to correct downward, sliding to the weakest level in a month. A daily close below the 61.8% Fibonacci expansion at 11899 exposes the 76.4% level at 11864. Alternatively, a move above the 50% Fib at 11927 opens the door for a challenge of the 38.2% expansion at 11954.

We remain broadly bullish on the US Dollar against its leading counterparts in line with ourlong-term fundamental outlook. As such, we remain long via theMirror Trader US Dollar currency basket.

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US Dollar Technical Analysis: Prices Drop to Monthly Low
US Dollar Technical Analysis: Prices Drop to Monthly Low

Daily Chart - Created Using FXCM Marketscope

** 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


original source

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