US Dollar Technical Analysis: Bulls Return, Set 14-Month High
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- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 10905, 10827, 10756
- Resistance:10953, 11031, 11095
The Dow Jones FXCM US Dollar Indexturned sharply higher anew, putting the benchmark unit at the highest level in 14 months against its top counterparts. Near-term resistance is at 10953, the 23.6% Fibonacci expansion, with a break above that on a daily closing basis exposing the 38.2% level at 11031. Alternatively, a reversal below the 14.6% Fib at 10905 opens the door for a challenge of the September 16 low at 10827.
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.