US Dollar Technical Analysis: Monthly Highs Back in Play
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- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 12026, 11985, 11937
- Resistance: 12056, 12104, 12149
The Dow Jones FXCM US Dollar Index is back to test monthly highs after rebounding from range support. A daily close above the 23.6% Fibonacci expansionat 12056 exposes the 38.2% level at 12104. Alternatively, a turn below the 14.6% expansion at 12026 clears the way for a test of the 23.6% Fib retracement at 11985.
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.