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: 10618, 10591, 10548
  • Resistance:10657, 10683, 10725

The Dow Jones FXCM US Dollar Indexmay be setting up for a correction downward after prices put in a bearish Evening Star candlestick pattern. Near-term support is at 10618, the 14.6% Fibonacci retracement, with a break below that on a daily closing basis exposing the 23.6% level at 10591. Alternatively, a turn above the 14.6% Fib expansion at 10657 clears the way for a test of the 23.6% threshold at 10683.

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: Downward Correction Hinted

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

    USD/JPY off highs, side-lined around 122.50

  2. Forex News

    USD/CHF Technical Analysis: Retracing After Sharp Decline

  3. Forex News

    GBP/USD Technical Analysis: Digesting Losses Above 1.56

  4. Forex News

    USD/CAD Technical Analysis: June Top in the Crosshairs

  5. Forex News

    EUR/USD Technical Analysis: Euro Settles in Familiar Area

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!