US Dollar Technical Analysis: Pivotal Resistance Pressured
Dailyfx | Jan 26, 2015 02:25AM ET
Talking Points:
- US Dollar Technical Strategy: Holding Long
- Support: 11772, 11715, 11584
- Resistance:11888, 11983, 12077
The Dow Jones FXCM US Dollar is testing pivotal resistance marked by a peak dating back to March 2009. This barrier is reinforced by the 38.2% Fibonacci expansion at 11888, with a break below that on a daily closing basis exposing the 50% level at 11983. Alternatively, a turn below the 23.6% Fib at 11722 clears the way for a test of resistance-turned-support at 11715.
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.
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