US Dollar Technical Analysis: Buyers Overcome October High
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- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11102, 10987, 10918
- Resistance:11216, 11308, 11400
The Dow Jones FXCM US Dollar Indexcontinued to push upward, clearing October’s swing high to touch the strongest level in over four years. A daily close above the 38.2% Fibonacci expansion at 11216 exposes the 50% level at 11308. Alternatively, a turn below the 11102-43 area marked by the October 3 high and the 23.6% Fib clears the way for a test of trend line support at 10987.
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.