US Dollar Technical Analysis: Rally Extends to 7-Month High
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- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 10616, 10579, 10541-9
- Resistance:10660, 10687, 10730
The Dow Jones FXCM US Dollar Indexcontinues to extend upward, with prices advancing to the highest level in seven months. A daily close above the 14.6% Fibonacci retracement at 10660 exposes the 23.6% level at 10687. Alternatively, a reversal below the August 28 low at 10616 opens the door for a challenge of resistance-turned-support at 10579, the August 14 high.
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.