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Talking Points:
- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11772, 11715, 11584
- Resistance:11888, 11983, 12077
The Dow Jones FXCM US Dollar Index re-accelerated upward anew, with prices establishing a new six-year high. A daily close above the 38.2% Fibonacci expansion at 11888 exposes the 50% level at 11983. Alternatively, a reversal below the 23.6% Fib at 11772 opens the door for a challenge of resistance-turned-support at 11715, the January 8 high.
We remain broadly bullish on the US Dollar against its leading counterparts in line with ourlong-term fundamental outlook. As such, we remain long via theMirror Trader US Dollar currency basket.
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Daily Chart – Created Using FXCM Marketscope
** 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
original sourceDailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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