US Dollar Technical Analysis: Digesting Drop To 3-Week Low

Talking Points:

  • US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
  • Support: 11834, 11790, 11731
  • Resistance: 11887, 11946, 12043

The Dow Jones FXCM US Dollar Index paused to digest losses after sliding to the weakest level in three weeks. Near-term support is at 11834-9 area (May 20 close, 50% Fibonacci retracement), with a break below that on a daily closing basis exposing the 61.8% level at 11790. Alternatively, a move above the 38.2% Fib at 11887 opens the door for a challenge of the 23.6% retracement at 11946.

Our long-term fundamental outlook calls for a broadly stronger US Dollar against its major currency counterparts. With that in mind, we are holding long via the Mirror Trader US Dollar currency basket.

US Dollar Technical Analysis: Digesting Drop to 3-Week Low

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