US Dollar Technical Analysis: Largest Surge in 7 Weeks Recorded
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- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 10627, 10595, 10576
- Resistance:10652, 10677, 10709
The Dow Jones FXCM US Dollar Index vaulted to a six-month highafter launching a rally as expectedhaving formed a Bullish Engulfing candlestick pattern. Near-term resistance is at 10652, 50%Fibonacci expansion, with a daily close above that exposing the 61.8% level at 10677. Alternatively, a turn below the 38.2% Fib expansion at 10627 clears the way for a test of the 23.6% threshold at 10595.
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.