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Forex: US Dollar Technical Analysis – Holding at February Low

Forex: US Dollar Technical Analysis – Holding at February Low

2014-03-10 06:24:00
Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
  • Support: 10525 (38.2% Fib exp.), 10497 (50% Fib exp.)
  • Resistance: 10565 (trend line), 10615 (Feb 27 high)

The Dow Jones FXCM US Dollar Index is stalling at support in the 10520-25 area marked by the February 17 low and the 38.2% Fibonacci expansion after breaking a rising trend line set from September 2012. A further push downward targets the 50% level at 10497. Alternatively, a reversal back above the trend line (now at 10565) eyes the February 27 high at 10615.

While the greenback remains in a precarious position, our structural long-term view continues to favor gains. As such, we remain long the greenback via the Mirror Trader US Dollar currency basket for the time being. **

dailyclassics_us_dollar_index_body_Picture_2.png, Forex: US Dollar Technical Analysis – Holding at February Low

Daily Chart - Created Using FXCM Marketscope 2.0

** 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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