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US Dollar Technical Analysis: Upside Push Set to Continue?

US Dollar Technical Analysis: Upside Push Set to Continue?

Ilya Spivak, Head Strategist, APAC

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Talking Points:

The Dow Jones FXCM US Dollar Indexappears poised to extend a rally set off from early July after narrowly clearing another resistance barrier. Near-term resistance is at 10919, the 50% Fibonacci expansion, with a break above that on a daily closing basis exposing the 61.8% level at 10966. Alternatively, a reversal back below the 38.2% Fib at 10871 opens the door for a challenge of the 23.6% expansion at 10812.

Our long-term US Dollar outlook calls for a broadly stronger US Dollar against its major currency counterparts. With that in mind, we are holding long via theMirror Trader US Dollar currency basket.

US Dollar Technical Analysis: Upside Push Set to Continue?

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.

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