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Talking Points:
- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 10654, 10629, 10597
- Resistance:10679, 10711, 10762
The Dow Jones FXCM US Dollar Index continues to push upward having set a six month high after rallying as expectedfollowing the formation of a Bullish Engulfing candle pattern. A daily close above the 61.8% Fibonacci expansion at 10679 exposes the 76.4% level at 10711. Alternatively, a move below the 50% Fib at 10654 opens the door for a challenge of the 38.2% expansion at 10629.
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
