US Dollar Technical Analysis: Probing at Monthly Highs

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Talking Points:

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


• 
  Support: 11836, 11759, 11711
  


• 
  Resistance: 11898, 11960, 12037
  

The Dow Jones FXCM US Dollar Index is attempting to extend upside momentum after touching the highest level in a month. A daily close above the 50% Fibonacci retracementat 11898 exposes the 61.8% level at 11960. Alternatively, a reversal below the 38.2% Fib at 11836 opens the door for a challenge of the 23.6% retracement at 11759.

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 the Mirror 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: Probing at Monthly Highs