US Dollar Technical Analysis: Digesting Upside Breakout
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- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11010, 10918, 10845
- Resistance:11143, 11216, 11308
The Dow Jones FXCM US Dollar Indexpaused to consolidate following a breakout that seems to mark longer-term uptrend resumption. A daily close above the 11102-43 area marked by the 23.6% Fibonacci expansion and the October 3 high exposes the 38.2% level at 11216. Alternatively, a turn below channel top resistance-turned-support at 11010 clears the way for a test of the 10918-59 area (23.6% Fib retracement, October 15 low).
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