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Talking Points:
- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11748, 11711, 11634
- Resistance: 11836, 11898, 11960
The Dow Jones FXCM US Dollar Index issued the largest daily advance in two months, breaking above trend line resistance. A daily close above the 38.2% Fibonacci retracement at 11836 exposes the 50% level at 11898. Alternatively, a reversal below the 11748-59 area (range support, 23.6% Fib) opens the door for a challenge of the 14.6% retracement at 11711.
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
