US Dollar Technical Analysis: Perched at Range Support
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- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11985, 11937, 11898
- Resistance: 12015, 12045, 12063
The Dow Jones FXCM US Dollar Index declined as expected after negative RSI divergence hinted at ebbing upside momentum. A daily close below the 23.6% Fibonacci retracementat 11985 exposes the 38.2% level at 11937. Alternatively, a move above the 14.6% Fib at 12015 clears the way for a test of trend line support-turned-resistance at 12045.
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
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.