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US Dollar Stalling At Rising Trend Line

US Dollar Stalling At Rising Trend Line

Talking Points:

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

The Dow Jones FXCM US Dollar Index remains in consolidation mode above a trend line guiding prices higher since early May. Near-term support is at 11968 (trend line, 23.6% Fibonacci retracement), with a break below that on a daily closing basis exposing the 38.2% level at 11904. Alternatively, a move above the 12043-50 area (June 1 high, 23.6% Fib expansion) opens the door for a challenge of the 38.2% threshold at 12114.

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.

US Dollar Daily Chart

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