US Dollar Technical Analysis: Prices Set New One-Month Low
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- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11717, 11634
- Resistance: 11779, 11841, 11886
The Dow Jones FXCM US Dollar Index continued to push downward following yesterday’s FOMC-inspired break of range support. A daily close below the 61.8% Fibonacci expansion at 11717 exposes the 11634-40 zone (May 14 low, 76.4% level). Alternatively, a push above the 50% Fib at 11779 clears the way for a test of the 11834-41 area (horizontal pivot, 38.2% expansion).
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** 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.