US Dollar Technical Analysis: Stalling at Rising Trend Line
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- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11968, 11904, 11853
- Resistance: 12050, 12114, 12166
The Dow Jones FXCM US Dollar Index remains in consolidation mode above a trend line guiding prices higher since early May. Near-term support is at 11968 (trend line, 23.6% Fibonacci retracement), with a break below that on a daily closing basis exposing the 38.2% level at 11904. Alternatively, a move above the 12043-50 area (June 1 high, 23.6% Fib expansion) opens the door for a challenge of the 38.2% threshold at 12114.
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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.