US Dollar Technical Analysis: Sideways Consolidation Continues
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- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11985, 11937, 11898
- Resistance: 12043, 12149, 12204
The Dow Jones FXCM US Dollar Index remains in consolidation mode after rising to the highest level in nearly four months. Near-term resistance is at 12043, the June 1 high, with a break above that on a daily closing basis exposing a double top at 12149. Alternatively, a reversal below the 23.6% Fibonacci retracement at 11985 opens the door for a challenge of the 38.2% level at 11937.
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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.