US Dollar Technical Analysis: Upside Push Set to Continue?
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- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 10871, 10812, 10756
- Resistance:10919, 10966, 11025
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.
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.