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Talking Points:
- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11888, 11829, 11792
- Resistance: 11937, 11985, 12044
The Dow Jones FXCM US Dollar Index stalled after prices advanced to a monthly high having reversed upward as expected. A daily close above the 50% Fibonacci expansion at 11937 exposes the 61.8% level at 11985. Alternatively, a turn below the 38.2% Fib at 11888 clears the way for a test of the 23.6% level at 11829.
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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** 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
