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US Dollar Technical Analysis: Channel Top Under Pressure

US Dollar Technical Analysis: Channel Top Under Pressure

Ilya Spivak, Head Strategist, APAC

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Talking Points:

The Dow Jones FXCM US Dollar Index moved higher as expected after producing a bullish Morning Star candlestick pattern. A daily close above channel top resistance at 11860 exposes the 38.2% Fibonacci expansion at 11888. Alternatively, a reversal below the 23.6% Fib at 11829 clears the way for a test of the 14.6% level at 11792.

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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US Dollar Technical Analysis: Channel Top Under Pressure

** 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.

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