US Dollar Technical Analysis: Advance Stalls at Six-Week High

By DailyFx | July 28, 2014 AAA

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Talking Points:

  • US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
  • Support: 10456, 10447, 10392
  • Resistance:10481, 10513, 10560

The Dow Jones FXCM US Dollar Index continues to advance as expected after putting in a Bullish Engulfing candle pattern at support set from October 2013. A daily close above the 23.6% Fibonacci retracement at 10456 has exposed a horizontal pivot at 10481. Pushing further beyond that targets the 38.2% level at 10513. Alternatively, reversal back below 10456 opens the door for a challenge of a rising trend line set from the July 1 low at 10447.

Our long-term US Dollar 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.

US Dollar Technical Analysis: Advance Stalls at Six-Week High

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.

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