As for the key on the day, pay attention to euro/yuan (EUR/CNY) – it’s flashing red for ...
US Dollar Technical Analysis: Corrective Pullback Risk Remains
03/19/2015 9:00 am EST
Ilya Spivak, of DailyFX.com, takes a technical look at the Dow Jones FXCM Dollar Index and explains that he remains broadly bearish on the US dollar against its leading counterparts in line with his long-term fundamental outlook.
- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket*
- Support: 12107,11965, 11854
- Resistance:12221, 12335, 12477
The Dow Jones FXCM US Dollar Index may be losing steam after hitting a new 11-year high as signs of negative RSI divergence begin to emerge. A daily close back below the 38.2% Fibonacci expansion at 12407 exposes the 23.6% level at 11965. Alternatively, a push above the 50% Fib at 12221 opens the door for a challenge of the 61.8% expansion at 12335.
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.
*The Dow Jones FXCM US Dollar Index and the Mirror Trader USD basket are not the same product.
By Ilya Spivak, Currency Strategist, DailyFX.com
Related Articles on CURRENCIES
After the rain comes mud. There is little that can be good about the hurricanes and typhoons that hi...
The risk mood and the weekend trading rules dominate Friday. The decisions made Thursday to push for...
The focus in macro and the sense of policy reactions being key shows up most in the British pound/U....