US Dollar Technical Analysis – Cautious Recovery Attempted

By DailyFx | June 17, 2014 AAA

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: 10431 (trend line), 10375 (double bottom)
  • Resistance:10474-95, 10531 (May 28 high)

The Dow Jones FXCM US Dollar Index corrected cautiously higher ahead of the upcoming FOMC monetary policy announcement. Resistance lines up in the 10474-95 area, with a break above that on a daily closing basis opening the door for another test of the May 28 high at 10531. Support comes in at a pivotal rising trend line set from July 2011, now at 10431. A breach of this barrier would suggest a major reversal is in play and initially clear the way for a challenge of double bottom support at 10375.

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.

US Dollar Technical Analysis – Cautious Recovery Attempted

Daily Chart - Created Using FXCM Marketscope 2.0

** The Dow Jones FXCM US Dollar Index and the Mirror Trader USD basket are not the same product.

comments powered by Disqus
Related Forex Analysis
  1. Dollar Finds Capital Market Uncertainties Offset Wavering Fed Rhetoric
    Forex News

    Dollar Finds Capital Market Uncertainties Offset Wavering Fed Rhetoric

  2. US Dollar Pullback May Be Ahead, SPX 500 Slips Below 2000 Again
    Forex News

    US Dollar Pullback May Be Ahead, SPX 500 Slips Below 2000 Again

  3. US Dollar Technical Analysis: Bullish Momentum Fading?
    Forex News

    US Dollar Technical Analysis: Bullish Momentum Fading?

  4. Euro May Be Asymetrically Sensitive if PMI Data Tops Expectations
    Forex News

    Euro May Be Asymetrically Sensitive if PMI Data Tops Expectations

  5. EUR/USD stuck at 1.2850, new triggers are wanted
    Forex News

    EUR/USD stuck at 1.2850, new triggers are wanted

Trading Center