US Dollar Technical Analysis: Threatening December High
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- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11489, 11434, 11346
- Resistance:11522, 11577, 11648
The Dow Jones FXCM US Dollar Index returned to the offensive, with prices now threatening to establish a new five-year high. A daily close above the December 8 peak at 11522 exposes the 38.2% Fibonacci expansion at 11577. Alternatively, a turn below the 23.6% Fib at 11489 opens the door for a challenge of the 14.6% expansion at 11434.
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 the Mirror 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.