US Dollar Technical Analysis – Sellers Back on the Offensive
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- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 10421 , 10398, 10375
- Resistance:10457, 10474-95, 10531
The Dow Jones FXCM US Dollar Index continues to find itself under pressure as prices test below multi-year rising trend support set from July 2011. A daily close below this barrier (now at 10421) exposes a falling channel bottom at 10398, followed by double bottom support at 10375.Channel top resistance is at 10457, with a move above that exposing the 10474-95 cluster. The next topside barrier after that stands at 10531, May 28 high.
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.