US Dollar Technical Analysis: Rally Shifts to Digestion Mode
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- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 10874, 10836, 10773
- Resistance:10919, 10976, 11022
The Dow Jones FXCM US Dollar Indexcorrected modestly lower after hitting the highest level in 14 months against its top counterparts. A daily close below the 14.6% Fibonacci retracementat 10874 exposes the 23.6% level at 10836. Alternatively, a turn above the 23.6% Fib expansion at 10919 clears the way for a test of the 38.2% threshold at 10976.
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.