US Dollar Technical Analysis: 2014 High Marks Resistance

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Talking Points:

  • US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
  • Support: 10703, 10657, 10629
  • Resistance:10749-56, 10777, 10801

The Dow Jones FXCM US Dollar Indexis attempting to extend yesterday’s dramatic upswing, touching the highest level in 12 months. A daily close above the 10749-56 area marked by the January 2014 high and the 123.6% Fibonacci expansion exposes the 138.2% level at 10777. Alternatively, a turn below the 100% Fib at 10703 clears the way for a test of the 76.4% expansion at 10657.

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.

US Dollar Technical Analysis: 2014 High Marks Resistance

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

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