US Dollar Technical Analysis: Recovery Regains Momentum
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- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11898, 11836, 11759
- Resistance: 11960, 12037, 12149
The Dow Jones FXCM US Dollar Index re-accelerated upward, advancing to the highest level in a month. Near-term resistance is at 11960, the 61.8% Fibonacci retracement, with a break above that on a daily closing basis exposing the 76.4% level at 12037. Alternatively, a turn back below the 50% Fib at 11898 clears the way for a test of the 38.2% retracement at 11836.
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.