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US Dollar Technical Analysis: Aiming to Extend Advance

US Dollar Technical Analysis: Aiming to Extend Advance

Ilya Spivak, Head Strategist, APAC

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Talking Points:

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.

US Dollar Technical Analysis: Aiming to Extend Advance

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.

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