US Dollar Technical Analysis: Four-Day Win Streak Broken
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- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11858, 11679, 11534
- Resistance:12066, 12177, 12356
The Dow Jones FXCM US Dollar Index paused to digest gains, snapping a four-day winning streak. Near-term resistance is at 12066, the 14.6% Fibonacci expansion, with a break above that on a daily closing basis exposing the 12149-77 zone (23.6% level, March 13 high). Alternatively, a reversal below the 11858-86 area (23.6% Fib retracement, March 18 low)clears the way for a test of the 38.2% threshold at 11679.
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.
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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