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- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 10618, 10591, 10548
- Resistance:10657, 10683, 10725
The Dow Jones FXCM US Dollar Indexmay be carving out a near-term top after forming a bearish Evening Star candlestick pattern. A daily close below the 14.6% Fibonacci retracementat 10618 exposes the 23.6% level at 10591. Alternatively, a reversal above the 14.6% Fib expansion at 10657 opens the door for a challenge of the 23.6% threshold at 10683.
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