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Talking Points:
- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11970, 11858, 11679
- Resistance:12066, 12177, 12356
The Dow Jones FXCM US Dollar Index may be carving out a symmetrical Triangle, a chart pattern hinting at on-coming uptrend continuation. A daily close above 12066 (14.6% Fibonacci expansion, Triangle top) exposes the 12149-77 area (March 13 high, 23.6% level). Alternatively, a move below Triangle floor support at 11970 opens the door for a challenge of the 11858-86 zone (March 18 low, 23.6% Fibonacci retracement).
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
