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Talking Points:
- 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 continues to push upward as expectedafter putting in a Bullish Engulfing candle pattern, rising to set another six-month high. A daily close above the 50% Fibonacci expansion at 10652 exposes the 61.8% level at 10677. Alternatively, a move below the 38.2% Fib at 10627 opens the door for a challenge of the 23.6% expansion at 10595.
Our long-term US Dollar outlook calls for a broadly stronger US Dollar against its major currency counterparts. With that in mind, we are holding long via theMirror Trader US Dollar currency basket.
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
