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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: 10618 10591 10548
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Resistance:10657 10683 10725
The Dow Jones FXCM US Dollar Indexmay be setting up for a correction downward after prices put in a bearish Evening Star candlestick pattern. Near-term support is at 10618 the 14.6% Fibonacci retracement with a break below that on a daily closing basis exposing the 23.6% level at 10591. Alternatively a turn above the 14.6% Fib expansion at 10657 clears the way for a test of the 23.6% threshold at 10683.
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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