US Dollar Technical Analysis: Prices Spike to Monthly High
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- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11937, 11888, 11829
- Resistance: 11985, 12044, 12149
The Dow Jones FXCM US Dollar Index advanced as expected after prices put in a bullish Morning Star candlestick pattern. Near-term resistance is at 11985, the 61.8% Fibonacci expansion, with a break above that on a daily closing basis exposing the 76.4% level at 12044. Alternatively, a move below the 50% Fib at 11937 opens the door for a challenge of the 38.2% level at 11888.
We remain broadly bullish on the US Dollar against its leading counterparts in line with our long-term fundamental outlook. As such, we remain 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
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.