US Dollar Technical Analysis: Surging to Highest in 6 Months
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- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 10627, 10652, 10677
- Resistance:10595, 10576, 10544
The Dow Jones FXCM US Dollar Index resumed its advance having reversed upward as expected after putting in a Bullish Engulfing candlestick pattern. A daily close above the 38.2% Fibonacci expansion at 10627 exposes the 50% level at 10652. Alternatively, a reversal back below the 23.6% Fib at 10595 opens the door for a challenge of the 14.6% expansion at 10576.
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.