US Dollar Technical Analysis: Support Found At 2-Week Low

Talking Points:

  • US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
  • Support: 11887, 11839, 11790
  • Resistance: 11922, 11959, 12018

The Dow Jones FXCM US Dollar Index found interim support and mounted a cautious recovery after declining to a two-week low. A daily close below the 38.2% Fibonacci retracement at 11887 exposes the 50% level at 11839. Alternatively, a rebound above the 14.6% Fib expansion at 11922 clears the way for a test of the 23.6% threshold at 11959.

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 via the Mirror Trader US Dollar currency basket.

US Dollar Technical Analysis: Support Found at 2-Week Low

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