US Dollar Technical Analysis: Support Found at 3-Week Low
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- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 10942, 10880, 10817
- Resistance:11019, 11066, 11146
The Dow Jones FXCM US Dollar Indexcorrected downward as expected after prices produced a bearish Dark Cloud Cover candlestick pattern. Near-term support is at 10942, the 38.2% Fibonacci retracement, with a break below that on a daily closing basis exposing the 50% level at 10880. Alternatively, a reversal above the 23.6% Fib at 11019 opens the door for a challenge of the 14.6% retracement at 11066.
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