US Dollar Technical Analysis: Oscillating in Familiar Territory
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- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 10890, 10845, 10753
- Resistance:11044, 11143, 11216
The Dow Jones FXCM US Dollar Indexmoved lower as expected after producing a bearish Dark Cloud Cover candlestick pattern. A daily close below falling channel bottom support at 10890 exposesthe 38.2% Fibonacci retracementat 10845. Alternatively, a turn above the channel top at 11044 clears the way for a test of 11143, the October 3 high.
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.