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Talking Points:
US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
Support: 11858, 11679, 11534
Resistance:12066, 12177, 12356
The Dow Jones FXCM US Dollar Index continues to recover after finding support at the March swing low, rising for a fourth consecutive day. Near-term resistance is at 12066, the 14.6% Fibonacci expansion, with a break above that on a daily closing basis exposing the 12149-77 zone (23.6% level, March 13 high). Alternatively, a move belowthe 11858-86 area (23.6% Fib retracement, March 18 low)clears the way for a test of the 38.2% threshold at 11679.
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.
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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
US Dollar Technical Analysis: Rebound Extends for 4th Day
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