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Talking Points:
- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11904, 11853, 11801
- Resistance: 11979, 12050, 12114
The Dow Jones FXCM US Dollar Index continues to sink after breaking support guiding prices higher since mid-May. Near-term support is at 11904, 38.2% Fibonacci retracement, with a break below that on a daily closing basis exposing the 50% level at 11853. Alternatively, a move above the 11968-79 area (trend line, 23.6% Fib retracement) opens the door for a challenge of the 12043-50 zone (June 1 high, 23.6% Fib expansion).
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
