US Dollar Technical Analysis – Grinding Through Resistance
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- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 104446 (channel top)
- Resistance: 10474-95, 10589-619
The Dow Jones FXCM US Dollar Index appears to have set a major double bottom at 10375, the October 2013 bottom. An upward trend change is being hinted by a break above resistance at the top of a falling channel that had guided the downward trajectory since the beginning of the year. Resistance is in the 10474-95 area, with a break above that clearing the way for a move to challenge the 10589-619 region. The channel top, now at 10446, has been recast as near-term support.
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.