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US Dollar Technical Analysis: Reversal Lower Resuming?

Ilya Spivak

DailyFX.com -

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Talking Points:

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

  • Support: 11950, 11899, 11860

  • Resistance:11989, 12027, 12066

The Dow Jones FXCM US Dollar Index appears to be resuming its downward reversal after retesting broken trend line support as resistance. Near-term support is at 11950, the 50% Fibonacci retracement, with a break below that on a daily closing basis exposing the 61.8% level at 11899. Alternatively, a rebound above the 14.6% Fib expansion at 11989 clears the way for a test of the 23.6% threshold at 12027.

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Our long-term fundamental outlook calls for a broadly stronger US Dollar against its major currency counterparts. With that in mind, we are holding long via the Mirror Trader US Dollar currency basket.

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US Dollar Technical Analysis: Reversal Lower Resuming?
US Dollar Technical Analysis: Reversal Lower Resuming?

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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