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US Dollar Technical Analysis: Prices Drop To 3-Week Low

Published 06/11/2015, 05:16 AM
Updated 07/09/2023, 06:31 AM

Talking Points:

  • US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
  • Support: 11790, 11731, 11634
  • Resistance: 11839, 11887, 12043

The Dow Jones FXCM US Dollar Index declined to a three-week low after breaking the range capping the downside for the past three weeks. A daily close below the 61.8% Fibonacci retracement at 11790 exposes the 76.4% level at 11731. Alternatively, a rebound back above the 50% Fib at 11839 clears the way for a test of the 38.2% retracement at 11887.

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.

USD Chart

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