US Dollar Technical Analysis: Rally Extends to 1-Month High
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- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 10430, 10392, 10354-75
- Resistance:10456, 10513, 10560
The Dow Jones FXCM US Dollar Index rebounded as expected after putting in a Bullish Engulfing candle pattern at support set from October 2013. A daily close above the 23.6% Fibonacci retracement at 10456 initially exposes the 38.2% level at 10513. Alternatively, reversal below rising trend line support set from the July 1 low at 10430 opens the door for a test of the July 9 low at 10392, followed by a triple bottom in the 10354-75 area.
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.