US Dollar Technical Analysis: Advance Poised to Continue
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- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11308, 11400, 11514
- Resistance:11216, 11102, 10996
The Dow Jones FXCM US Dollar Indexlooks poised to extend its advance after prices cleared yet another technical barrier. A daily close above the 50% Fibonacci expansion at 11308 exposes the 61.8% level at 11400. Alternatively, a turn below the 38.2% Fib at 11216 opens the door for a challenge of the 11102-43 area marked by the October 3 high and the 23.6% expansion.
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