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: 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.

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    EUR/USD: Greek referendum and bulls still stepping in

  2. Forex News

    USD/JPY: Yen lifted amid risk-off moods as Greeks vote “No”

  3. Forex News

    EUR/USD: Year-end forecast of 1.05 despite Grexit risk - JPMorgan

  4. Forex News

    EUR/USD: Caution! Big volatility on Greek referendum

  5. Forex News

    EUR/USD: 'Grexit' worth 5 to 10 cents of maximum downside - JPMorgan

Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!