US Dollar Technical Analysis: Prices Rise Most in 16 Months
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- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11005, 10956, 10878
- Resistance:11060, 11108, 11156
The Dow Jones FXCM US Dollar Indexissued the largest daily gain in 16 months, rising to the strongest level since June 2010. Near-term resistance is at 11176, the 38.2% Fibonacci expansion, with a break above that on a daily closing basis exposing the 50% threshold at 11232. Alternatively, a turn below the 23.6% Fib at 11108 opens the door for a challenge of the 14.6% threshold at 11108.
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.