US Dollar Technical Analysis: Buyers Poised to Extend Advance
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- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11315, 11278, 11219
- Resistance:11374, 11422, 11469
The Dow Jones FXCM US Dollar Indexlooks poised to push to new year-to-date highs having cleared yet another layer of chart resistance. A daily close above the 38.2% Fibonacci expansion at 11374 exposes the 50% level at 11422. Alternatively, a reversal below the 23.6% Fib at 11315 clears the way for a test of the 14.6% expansion at 11278.
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