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: 10405, 10389, 10354
  • Resistance:10431, 10452, 10473

The Dow Jones FXCM US Dollar Index rebounded as expected after putting in a Bullish Engulfing candle pattern at support set from October 2013. A shallow pullback looks corrective in the context of the upside breakout. A daily close above resistance at 10431, the 38.2% Fibonacci retracement, targets the 50% level at 10452. Alternatively, a turn back below the 23.6% Fib at 10405 clears the way for a challenge of the 14.6% retracement at 10389.

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: Pullback Appears Corrective

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

    NZD/USD Technical Analysis: Treading Water Near 0.73

  2. Forex News

    AUD/USD Technical Analysis: Support Now Below 0.78 Mark

  3. Forex News

    EUR/USD: Selling-off on Greek headlines

  4. Forex News

    EUR/USD Rally Checked by ECB Commentary, Better US Data

  5. Forex News

    A Fundamental Push for Key EURUSD, GBPUSD and USDJPY Levels?

Trading Center