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Talking Points:
- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11315, 11278, 11219
- Resistance:11374, 11422, 11469
The Dow Jones FXCM US Dollar Indexedged higher for a fourth consecutive day, with buyers seemingly on pace to set a new year-to-date high. Near-term resistance is at 11374, the 38.2% Fibonacci expansion, with a break above that on a daily closing basis exposing the 50% level at 11422. Alternatively, a turn below the 23.6% Fib at 11315 opens the door for a challenge of the 14.6% expansion at 11278.
Our long-term US Dollar outlook calls for a broadly stronger US Dollar against its major currency counterparts. With that in mind, we are holding 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
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