US Dollar Technical Analysis: Working on Sixth Straight Gain
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- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 10812, 10756, 10716
- Resistance:10871, 10919, 10966
The Dow Jones FXCM US Dollar Indexis attempting to extend the latest leg of its two-month rally with a sixth consecutive daily gain. A daily close above the 38.2% Fibonacci expansion 10871 exposes the 50% level at 10919. Alternatively, a turn below the 23.6% Fib at 10812 clears the way for a test of the 10759-75 area marked by the January 2014 high and the 14.6% expansion.
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.