US Dollar Technical Analysis: Prices Soar to 3-Week High
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- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11836, 11759, 11711
- Resistance: 11898, 11960, 12037
The Dow Jones FXCM US Dollar Index accelerated upward, advancing to the highest level in three weeks. Near-term resistance is at 11898, the 50% Fibonacci retracement, with a break above that on a daily closing basis exposing the 61.8% level at 11960. Alternatively, a turn back below the 38.2% Fib at 11836 clears the way for a test of the 23.6% retracement at 11759.
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