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Talking Points:
- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 10800, 10756, 10730
- Resistance:10844, 10914, 10984
The Dow Jones FXCM US Dollar Indexscored its largest one-day rally in 15 months and rose to set a new 2014 high. A daily close above the 76.4% Fibonacci expansion at 10844 exposes the 100% level at 10914. Alternatively, a turn below the 61.8% Fib at 10800 clears the way for a test of the 10756-65 area, marked by the January 2014 high and the 50% expansion.
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
