US Dollar Technical Analysis: Struggling to Clear Range Top

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Talking Points:

• 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.

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