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Talking Points:
- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 10687, 10660, 10616
- Resistance:10730, 10766, 10801
The Dow Jones FXCM US Dollar Indexappears poised to continue higher after prices advanced to a seven-month high. Near-term resistance is at 10730, the 38.2% Fibonacci expansion, with a break above that on daily closing basis exposing the 50% level at 10766. Alternatively, a turn below the 23.6% Fib at 10687 clears the way for a test of the 14.6% expansion at 10660.
We remain broadly bullish on the US Dollar against its leading counterparts in line with ourlong-term fundamental outlook. As such, we remain 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
