US Dollar Technical Analysis: Oscillating in Narrow Range
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- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11379, 11291, 11220
- Resistance:11434, 11522, 11581
The Dow Jones FXCM US Dollar Indexmoved lower as expected after prices put in a bearish Evening Star candlestick pattern. A daily close below the 23.6% Fibonacci retracementat 11379 exposes the 38.2% level at 11291. Alternatively, a turn above the 14.6% Fib at 11434 opens the door for a challenge of the December 8 high at 11522.
Our long-term fundamental outlook calls for a broadly stronger US Dollar against its major currency counterparts. With that in mind, we are holding long via theMirror Trader US Dollar currency basket.
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.