US Dollar Technical Analysis: Another 4-Year High Set

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Talking Points:

• 
  US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
  


• 
  Support: 11043, 11016, 10990
  


• 
  Resistance:11130, 11200, 11269
  

The Dow Jones FXCM US Dollar Index is working on a seventh consecutive advance, with pricesextending to a new four-year high. A daily close above the 38.2% Fibonacci expansion at 11130 exposes the 50% level at 11200. Alternatively, a reversal back below the 23.6% Fib at 11043 clears the way for a test of rising trend line support at 11016.

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.

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

US Dollar Technical Analysis: Another 4-Year High Set