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US Dollar Technical Analysis: Greenback Snaps Losing Streak

Ilya Spivak

DailyFX.com -

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Talking Points:

  • US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **

  • Support: 11754, 11719, 11692

  • Resistance:11809, 11864, 11899

The Dow Jones FXCM US Dollar Index snapped a six-day losing streak, forming a bullish Piercing Line candle pattern and hinting at a rebound ahead. A daily close above the 100% Fibonacci expansion at 11809 exposes the 76.4% level at 11864. Alternatively, a move below the 123.6% Fib at 11754 opens the door for a challenge of the 138.2% expansion at 11719.

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 the Mirror Trader US Dollar currency basket.

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US Dollar Technical Analysis: Greenback Snaps Losing Streak
US Dollar Technical Analysis: Greenback Snaps Losing Streak

Daily Chart - Created Using FXCM Marketscope

** The Dow Jones FXCM US Dollar Index and the Mirror Trader USD basket are not the same product.

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com


original source

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