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US Dollar Technical Analysis: Trend Line Barrier in Focus

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:12049, 12089, 12149

The Dow Jones FXCM US Dollar Index stalled on a retest of a pivotal trend line after correcting upward from a monthly low. Near-term resistance is in the 12027-49 area (23.6% Fibonacci expansion, trend line), with a break above that on a daily closing basis exposing the 38.2% level at 12089. Alternatively, a turn below the 14.6% expansion at 11989 clears the way for a test of the 50% Fib retracement at 11950.

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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 theMirror Trader US Dollar currency basket.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

US Dollar Technical Analysis: Trend Line Barrier in Focus
US Dollar Technical Analysis: Trend Line Barrier in Focus

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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