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Talking Points:
- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11989, 11950, 11899
- Resistance:12027, 12089, 12149
The Dow Jones FXCM US Dollar Index launched a swift recovery after dipping to the lowest level in a month. A daily close above 12027, the intersection of trend line support-turned-resistance and the 23.6% Fibonacci expansion, exposes the 38.2% level at 12089. Alternatively, a move below the 14.6% expansion at 11989 opens the door for a challenge of the 50% Fib retracement at 11950.
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
