(MENAFN- DailyFX) DailyFX.com -
To receive Ilya's analysis directly via email, please SIGN UP HERE
Talking Points:
-
US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
-
Support: 10481, 10456, 10375
-
Resistance:10513, 10560, 10606
The Dow Jones FXCM US Dollar Index broke above yet another layer of resistance after reversing upward as expected having put in a Bullish Engulfing candle pattern. Near-term resistance is at 10513, the 38.2% Fibonacci retracement. A daily close above that exposes 50% level at 10560. Alternatively, a turn back below horizontal pivot support at 10481 opens clears the way for a test of 10456, the intersection of the 23.6% Fib and a rising trend line set from the July 1 low.
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
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.