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Talking Points:
- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11577, 11489, 11434
- Resistance:11648, 11719, 11807
The Dow Jones FXCM US Dollar Index may be readying to turn lower after prices put in a Shooting Star candlestick. Near-term support is at 11577, the 38.2% Fibonacci expansion, with a break below that on a daily closing basis exposingthe 11489-522 area marked by the December 8 top and the 23.6% level. Alternatively, a turn above the 50% Fib at 11577 clears the way for a test of the 61.8% expansion at 11719.
We remain broadly bullish on the US Dollar against its leading counterparts in line with our long-term fundamental outlook. As such, we remain 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
