US Dollar Technical Analysis: Range Resistance Under Pressure

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Talking Points:

  • US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
  • Support: 11807, 11740, 11653
  • Resistance:11876, 11963, 12103

The Dow Jones FXCM US Dollar Index continues to look vulnerable as a bearish Evening Star and negative RSI divergence warn of oncoming losses. A daily close below trend line support is at 11807 exposes the 14.6% Fibonacci retracement 11740. Alternatively, a push above the 11854-76 zone (14.6% Fib expansion, March 2009 high) opens the door for a challenge of the 23.6% threshold at 11963.

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: Range Resistance Under Pressure

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

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