US Dollar Technical Analysis: Readying to Resume Uptrend?
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- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 10959, 10845, 10753
- Resistance:11026, 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 the 23.6% Fibonacci retracement at 10959 exposes the 10845-74 area marked by a falling channel bottom and the 38.2% level. Alternatively, a push above the channel top at 11026 clears the way for a test of the 11102-43 zone (23.6% Fib expansion, 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.