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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 11839clears 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.
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** 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
