US Dollar Technical Analysis: Continued Gains Hinted Ahead
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- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11648, 11577, 11489
- Resistance:11719, 11807, 11950
The Dow Jones FXCM US Dollar Index appears poised to continue higher after prices edged past yet another layer of chart resistance. A daily close above the 61.8% Fibonacci expansionat 11719 exposes the 76.4% level at 11807. Alternatively, a reversal below the 50% Fib at 11648 opens the door for a challenge of the 38.2% expansion at 11577.
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.