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US Dollar Technical Analysis: Trend Line Holds as Resistance

Ilya Spivak

DailyFX.com -

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Talking Points:

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

  • Support: 11989, 11950, 11899

  • Resistance:12027, 12058, 12089

The Dow Jones FXCM US Dollar Index has transitioned into digestion mode after bouncing to retest a recently broken rising trend. A daily close above the 23.6% Fibonacci expansion at 12027 exposes the trend line support-turned-resistance at 12058. Alternatively, a move below the 14.6% expansion at 11989 opens the door for a challenge of the 50% Fib retracement at 11950.

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: Trend Line Holds as Resistance
US Dollar Technical Analysis: Trend Line Holds as Resistance

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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