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: 10474-95, 10404 (channel top)
  • Resistance:10531 (May 28 high), 10589-619

The Dow Jones FXCM US Dollar Index remains in consolidation mode after securing a key upside breakout three weeks ago. The first layer of significant resistance remains at 10531, the May 28 high. A daily close above that exposes the 10589-619 region. Support is in the 10474-95 area, with a reversal below that opening the door for a retest of a recently broken falling channel top at 10404.

Our long-term fundamental outlook continues to favor a broadly stronger US Dollar against the benchmark unit’s major counterparts. As such, we remain long via theMirror Trader US Dollar currency basket.

US Dollar Technical Analysis – Waiting to Renew Advance

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

    EUR/USD could drop to 1.0650 – Societe Generale

  2. Forex News

    EUR/USD still points to 1.02 in 6-month – Danske Bank

  3. Forex News

    GBP/USD drops below key support at 1.5336-1.5330

  4. Forex News

    EUR/USD muted on EMU releases

  5. Forex News

    GBP/USD dips in red circa 1.5350 on UK data

Trading Center