US Dollar Technical Analysis – Key Support Still Under Fire
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- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 10434, 10414, 10375
- Resistance:10474-95, 10531, 10589
The Dow Jones FXCM US Dollar Index remains under pressure, with prices probing below multi-year trend support set from July 2011. This barrier (10434) is reinforced by a falling channel bottom at 10414. A daily close below that would suggest a major reversal is in progress and initially expose double bottom support at 10375.Resistance remains in the 10474-95 area, with a move above that clearing the way for another challenge of the May 28 high at 10531.
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.