US Dollar Technical Analysis: 2014 High Marks Resistance
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- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 10703, 10657, 10629
- Resistance:10749-56, 10777, 10801
The Dow Jones FXCM US Dollar Indexis attempting to extend yesterday’s dramatic upswing, touching the highest level in 12 months. A daily close above the 10749-56 area marked by the January 2014 high and the 123.6% Fibonacci expansion exposes the 138.2% level at 10777. Alternatively, a turn below the 100% Fib at 10703 clears the way for a test of the 76.4% expansion at 10657.
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.