US Dollar Technical Analysis: Upswing Falters at Weekly High
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- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11837, 11799, 11737
- Resistance:11901, 11951, 12000
The Dow Jones FXCM US Dollar Index is under pressure once again having rebounded as expected after showing a bullish Piercing Line candle pattern. Near-term support is at 11837, the 14.6% Fibonacci expansion, with a break below that on a daily closing basis exposing the 23.6% level at 11799. Alternatively, a move above the 38.2% Fib retracement at 11901 clears the way for a test of the 50% threshold at 11951.
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.