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Talking Points:
- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11965, 11854, 11737
- Resistance:12149, 12221, 12335
The Dow Jones FXCM US Dollar Index is attempting to launch a recovery after turning aggressively lower, as expected. A daily close above the 12107-49 area (38.2% Fibonacci expansion, March 13 high), exposes the 50% level at 12221. Alternatively, a move below the 23.6% Fibat 11965 opens the door for a challenge of exposing the 11854-78 area (March 2009 high, 14.6% expansion).
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.
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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
