US Dollar Technical Analysis: Trend Reversal in Progress?

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Talking Points:

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

• Support: 11950, 11899, 11837

• Resistance:12000, 12025, 12062

The Dow Jones FXCM US Dollar Index snapped support at a trend line guiding prices higher since late February, hinting a near-term trend reversal may be at hand. A daily close below the 50% Fibonacci retracement at 11950 exposes the 61.8% level at 11899. Alternatively, a reversal above the 38.2% Fib at 12000 opens the door for a challenge of trend line support-turned-resistance at 12025.

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 Reversal in Progress?

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

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