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Talking Points:
- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11884, 11841, 11779
- Resistance: 11918, 11966, 12043
The Dow Jones FXCM US Dollar Index continued to edge downward, producing the lowest daily close in a week. Near-term horizontal pivot support is at 11884, with a break below that on a daily closing basis exposing the 38.2% level at 11841. Alternatively, a move above the 23.6% Fib at 11918 opens the door for a challenge of the 14.6% expansion at 11966.
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