US Dollar Technical Analysis: Rally Extends to 6-Week High
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- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11960, 11898, 11836
- Resistance: 12037, 12149, 12212
The Dow Jones FXCM US Dollar Index resumed its advance, touching the highest level in six weeks. Near-term resistance is at 12037, the 76.4% Fibonacci retracement, with a break above that on a daily closing basis exposing the March 13 high at 12149. Alternatively, a reversal below the 61.8% Fib at 11960 opens the door for a challenge of the 50% retracement at 11898.
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.