US Dollar Technical Analysis: Prices Drop Most in 3 Months
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- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11918, 11841, 11779
- Resistance: 11966, 12043, 12109
The Dow Jones FXCM US Dollar Index turned sharply lower, producing the largest decline in close to three months. A daily close below the 23.6% Fibonacci retracement at 11918 exposes the 38.2% level at 11841. Alternatively, a move above the 14.6% Fib at 11966 clears the way for a test of the June 1 high at 12043.
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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.