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Talking Points:
- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11854, 11679, 11534
- Resistance:11965, 12149, 12221
The Dow Jones FXCM US Dollar Index turned lower as expected, with prices digesting losses near monthly lows. A daily close below the 11858-86 area (23.6% Fibonacci retracement, March 18 low) exposes the 38.2% level at 11679. Alternatively, a reversal back above the 14.6% Fib expansion at 12066 clears the way for a test of the 12149-77 zone (23.6% threshold, March 13 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 the Mirror 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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