US Dollar Technical Analysis: Digesting Near 5-Year High
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- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11457,11391, 11350
- Resistance:11511, 11565, 11631
The Dow Jones FXCM US Dollar Index paused to consolidate after producing the largest daily rally in five weeks. Near-term resistance is at 11511, the 50% Fibonacci expansion, with a break above that on a daily closing basis exposing the 61.8% level at 11565. Alternatively, a reversal below the 38.2% Fib at 11457 clears the way for a test of the 23.6% expansion at 11391.
Daily Chart - Created Using FXCM Marketscope
** 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.