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), 10424 (channel floor), 10375 (double bottom)
  • Resistance:10474-95, 10531 (May 28 high)

The Dow Jones FXCM US Dollar Index turned lower after the FOMC policy announcement but long-term trend support from July 2011 (10431) remains intact. This barrier is reinforced by a falling channel bottom at 10424. Breaking below that on a daily closing basis would suggest a major reversal in progress and expose double bottom support at 10375.Resistance remains in the 10474-95 area, with a turn above that clearing the way for another challenge of the May 28 high at 10531.

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 – Rising Trend Survives FOMC

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.

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    A Fundamental Push for Key EURUSD, GBPUSD and USDJPY Levels?

  2. Forex News

    US Dollar Recovery Fighting Liquidity, Growth Headwinds

  3. Forex News

    EURUSD and GBPUSD Will Decide Make-or-Break In Holiday Trading Conditions

  4. Forex News

    Holiday Conditions and Record Equities Remind of Bigger Liquidity Risks

  5. Forex News

    Gold Outlook Remains Supportive Above 1200- All Eyes on FOMC, GDP

Trading Center