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U.S. Dollar Analysis: Testing Trend-Defining Support

U.S. Dollar Analysis: Testing Trend-Defining Support

Talking Points:

  • US Dollar Technical Strategy: Holding Long
  • Support: 11968, 11904, 11853
  • Resistance: 12050, 12114, 12166

The Dow Jones FXCM US dollar continues to stall at trend line support guiding the move higher since early May. A daily close below 11968 (trend line, 23.6% Fibonacci retracement) exposes the 38.2% level at 11904. Alternatively, a push above the 12043-50 area (June 1 high, 23.6% Fib expansion) clears the way for a test of the 38.2% threshold at 12114.

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.

US Dollar Daily Chart

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