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Talking Points:
- 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 turned higher as expected after producing a bullish Piercing Line candle pattern. A daily close above the 38.2% Fibonacci retracement at 11901 exposes the 50% level at 11951. Alternatively, a reversal below the 23.6% level at 11839 opens the door for a challenge of the 14.6% Fib at 11801.
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
