US Dollar Technical Analysis: Working on Fifth Straight Gain
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- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11033, 11074, 11114
- Resistance:10983, 10953, 10918
The Dow Jones FXCM US Dollar Indexis trying to clear the way for continued gains after touching the strongest level in over four years. A daily close above the 38.2% Fibonacci expansion at 11033 exposes the 50% level at 11074. Alternatively, a reversal below the intersection of a rising trend line and the 23.6% Fib at 10983 clears the way for a test of the 14.6% expansion at 10953.
We bought USDCHF at 0.9068 and have since taken profit on half of our exposure. The remainder of the trade is open to capture any further upside momentum. The stop-loss is now at 0.9114, our initial objective.
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.