US Dollar: Prices Hit 4-Month Low

Talking Points:

  • US Dollar Technical Strategy: Holding Lon
  • Support: 11688, 11737, 11785
  • Resistance:11638, 11576, 11476

The Dow Jones FXCM US Dollar Index cleared April’s swing bottom, sinking to the lowest level in four months. A daily close below the 61.8% Fibonacci expansion at 11638 exposes the 76.4% level at 11576. Alternatively, a push above the 50% Fib at 11688 opens the door for a challenge of the 38.2% threshold at 11737.

We remain broadly bullish on the US Dollar against its leading counterparts in line with our long-term fundamental outlook. As such, we remain long.

US Dollar Daily Chart

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