US Dollar Technical Analysis: February Top Under Pressure

DailyFX.com –

To receive Ilya’s analysis directly via email, please SIGN UP HERE

Talking Points:

  • US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
  • Support: 12105,12076, 12052
  • Resistance:12153, 12201, 12230

The Dow Jones FXCM US Dollar Index advanced as expected after breaking higher from a Triangle chart formation. Near-term resistance is in the 12149-53 area (March 13 high, 100% Fibonacci expansion), with a break above that on a daily closing basis exposing the 123.6% level at 12201. Alternatively, a move back below the76.4% Fib at 12105 clears the way for a test of the 61.8% expansion at 12076.

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!

View photo

.

US Dollar Technical Analysis: February Top 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

original source

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.

Dollar Index

[email protected]

You may also like...

Rules of Discussion on US Dollar Technical Analysis: February Top Under Pressure

1. This forum is for discussion of financial markets. Please respect others view even if they are contrary to you.
2. Member's comments should lead to value addition in forum discussion.
3. If anyone is found making repetitive Explicit/Abusive/Racial comments, his account shall be banned and old posts will be deleted.
4. Providing Advice/Recommendations/Tips is fine but it should be free. Members cannot ask to be paid for it. Paid Advice is stricly prohibited
5. Spam links are not allowed. Too much promotion or using Contact info in ID will lead to account ban.
IMP : Memebrs are requeuested to flag any violations to keep Forum Clean