US Dollar Technical Analysis: Rising Trend Support in Focus
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- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11937, 11898, 11858
- Resistance: 11985, 12043, 12149
The Dow Jones FXCM US Dollar Index paused consolidate after sliding to the weakest level in a month. A daily close below 11937 (trend line, 38.2% Fibonacci retracement) exposes the 50% level at 11898. Alternatively, a turn above the 23.6% Fib at 11985 clears the way for a test of the June 1 high at 12043.
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