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, 10406, 10375
  • Resistance:10452, 10473, 10499

The Dow Jones FXCM US Dollar Index continues to push higher having reversed upward as expected after producing a Bullish Engulfing candle pattern. Sellers now aim to challenge the 50% Fibonacci retracement at 10452, with a break above that on a daily closing basis exposing the 61.8% level at 10743. Alternatively, a move back below the 38.2% Fib at 10431 targets trend line support at 10406, followed by a long-standing triple bottom in the 10354-75 area.

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: Further Gains Expected Ahead

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

    US Dollar Breakout Velocity Rests with Fed’s Liftoff Outlook after NFPs

  2. Forex News

    Strategy Video: China’s Financial Markets Pose More Immediate Threat than Economy

  3. Forex News

    Japanese Yen Stumbles, but is a USDJPY Rally Above ¥124 Justified?

  4. Forex News

    Daily Observations: Checking in on GBP-crosses, USD-pairs

  5. Forex News

    Metals & Petroleum products: CFTC Commitment of Traders Report - TDS

Trading Center