US Dollar Technical Analysis: Chart Setup Hints at Pullback
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- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11246, 11211, 11143
- Resistance:11295, 11329, 11370
The Dow Jones FXCM US Dollar Indexmay be gearing up for a turn lower after prices produced a bearish Dark Cloud Cover candlestick pattern. Near-term support is at 11246, the 14.6% Fibonacci retracement, with a break below that on a daily closing basis exposing the 23.6% level at 11211. Alternatively, a reversal above the 50% Fib expansion at 11295 clears the way for a test of the 61.8% Fib threshold at 11329.
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