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Talking Points:
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US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
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Support: 10383, 10375, 10354
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Resistance:10431, 10452, 10473
The Dow Jones FXCM US Dollar Index is attempting to build higher as expected after putting in a Bullish Engulfing candle pattern at support set from October 2013. The bulls are trying to reclaim momentum following a corrective pullback to resistance-turned-support marked by the top of a falling channel set from early June (10383). Near-term resistance is at 10431, the 38.2% Fibonacci retracement, with a break above that on a daily closing basis exposing the 50% level at 10452. Alternatively, a move below support aims for a triple bottom in the 10354-75 area.
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
original source
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