US Dollar: Chart Barrier Caps Rebound
Dailyfx | May 21, 2015 02:17AM ET
Talking Points:
- US Dollar Technical Strategy: Holding Long
- Support: 11748, 11711, 11634
- Resistance: 11836, 11898, 11960
The Dow Jones FXCM US Dollar Index advanced for a fourth consecutive day but failed to clear a near-term upside chart barrier. Near-term resistance is at 11836, the 38.2% Fibonacci retracement, with a break above that on a daily closing basis exposing the 50% level at 11898. Alternatively, a turn back below the 11748-59 area (range support, 23.6% Fib) clears the way for a test of the 14.6% retracement at 11711.
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