US Dollar Technical Analysis: Prices Retreat from 4-Year High
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- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11102, 10993, 10918
- Resistance:11216, 11308, 11400
The Dow Jones FXCM US Dollar Indexcorrected downward after piercing October’s high to hit the strongest level in over four years. Near-term resistance is at 11216, the 38.2% Fibonacci expansion, with a break above that on a daily closing basis exposing the 50% level at 11308. Alternatively, a reversal below the 11102-43 area marked by the October 3 high and the 23.6% Fib opens the door for a challenge of trend line support at 10993.
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.