US Dollar Technical Analysis: Half of 2014 Decline Erased
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- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 10531, 10513, 10481
- Resistance:10560, 10606, 10663
The Dow Jones FXCM US Dollar Index broke above yet another layer of resistance after reversing upward as expected having put in a Bullish Engulfing candle pattern. Near-term resistance is at 10560, the 50% Fibonacci retracement. A daily close above that exposes 61.8% level at 10606. Alternatively, a turn back below the May 28 high at 10531 opens clears the way for a test of the 38.2% Fib at 10513.
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.