US Dollar Technical Analysis: Three-Day Win Streak Broken
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- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 10657, 10629-35, 10606
- Resistance:10703, 10749, 10777
The Dow Jones FXCM US Dollar Indexrecoiled downward after putting the benchmark currency at the highest level in seven months. A daily close below the 76.4% Fibonacci expansion at 10657 exposes the 10629-35 area marked by a rising trend line and the 61.8% level. Alternatively, reversal above the 100% Fib at 10703 opens the door for a challenge of the 123.6% expansion at 10749.
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.