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- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 10812, 10756, 10716
- Resistance:10871, 10919, 10966
The Dow Jones FXCM US Dollar Indexcontinues to push unrelentingly higher, tagging the strongest level in 13 months. Near-term resistance is at 10871, the 38.2% Fibonacci expansion, with a break above that on a daily closing basis exposing the 50% level at 10919. Alternatively, a reversal below the 23.6% Fib at 10812 opens the door for a challenge of the 10759-75 area marked by the January 2014 high and the 14.6% expansion.
Daily Chart – Created Using FXCM Marketscope 2.0
** 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