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Talking Points:
- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11638, 11576, 11476
- Resistance:11688, 11737, 11768
The Dow Jones FXCM US Dollar Index paused to consolidate losses after dropping to the weakest level in four months. Near-term support is at 11638, the 61.8% Fibonacci expansion, with a break below that on a daily closing basis exposing the 76.4% level at 11576. Alternatively, a turn above the 50% Fib at 11688 clears the way for a test of the 38.2% threshold at 11737.
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
