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US Dollar Technical Analysis: Recovery Regains Momentum

US Dollar Technical Analysis: Recovery Regains Momentum

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Talking Points:

The Dow Jones FXCM US Dollar Index re-accelerated upward, advancing to the highest level in a month. Near-term resistance is at 11960, the 61.8% Fibonacci retracement, with a break above that on a daily closing basis exposing the 76.4% level at 12037. Alternatively, a turn back below the 50% Fib at 11898 clears the way for a test of the 38.2% retracement at 11836.

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.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

Daily Chart - Created Using FXCM Marketscope

** The Dow Jones FXCM US Dollar Index and the Mirror Trader USD basket are not the same product.

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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