US Dollar Technical Analysis: Retesting Former Resistance
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- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 10996, 10918, 10845
- Resistance:11143, 11216, 11308
The Dow Jones FXCM US Dollar Indexcorrected lower after last week’s breakout seemingly marking the resumption of the longer-term uptrend. Near-term resistance is in the 11102-43 area marked by the 23.6% Fibonacci expansion and the October 3 high, with a break above that on a daily closing basis exposing the 38.2% level at 11216. Alternatively, a reversal back below channel top channel top resistance-turned-support at 10996 opens the door for a challenge 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
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.