US Dollar Technical Analysis: Chart Setup Warns of Pullback
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- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11019, 10942, 10880
- Resistance:11143, 11176, 11232
The Dow Jones FXCM US Dollar Indexmay turn lower after prices put in a bearish Dark Cloud Cover candlestick pattern. A daily close below the 23.6% Fibonacci retracementat 11019 exposes the 38.2% level at 10942. Alternatively, a reversal above the October 3 high at 11143 clears the way for a test of the 38.2% Fib expansion at 11176.
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