US Dollar Technical Analysis: Trend Line Holds as Resistance
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- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11989, 11950, 11899
- Resistance:12027, 12058, 12089
The Dow Jones FXCM US Dollar Index has transitioned into digestion mode after bouncing to retest a recently broken rising trend. A daily close above the 23.6% Fibonacci expansion at 12027 exposes the trend line support-turned-resistance at 12058. Alternatively, a move below the 14.6% expansion at 11989 opens the door for a challenge of the 50% Fib retracement at 11950.
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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
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.