US Dollar Technical Analysis: Down Trend Top Challenged
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- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11839, 11801, 11739
- Resistance:11866, 11901, 11951
The Dow Jones FXCM US Dollar Index corrected upward as expected after putting in a bullish Piercing Line candle pattern. Near-term channel resistance is at 11866, with a break above that on a daily closing basis exposing the 38.2% Fibonacci retracement at 11901. Alternatively, a reversal below the 23.6% level at 11839 clears the way for a test of the 14.6% Fib at 11801.
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 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
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.