US Dollar Technical Analysis: Aiming to Extend Advance
To receive Ilya's analysis directly via email, please SIGN UP HERE
- 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.
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.