Dollar Index Technical Analysis 10 14 June USDX
- Our previous update had the US dollar index trading around the 61.8% Fibonacci retrace of the last major swing higher at 82.60. We noted on our blog that this area had acted as support for three consecutive trading sessions and any failure to hold above 82.60 on the closing basis threatened a move back towards the prior support, around USDX 81.40.
- Price did indeed move as low as 81.08 over the following trading sessions and hit our target area. Support was ultimately seen at the confluence of 61.8% Fibonacci and 200 day SMA.
- We still note that 81.40 is a major price pivot zone on the weekly charts and the price action has ultimately seen the dollar index close above this area. There is the potential for a corrective move higher after the strong downside move last week.