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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: 10990 10956 10918
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Resistance:11043 11130 11200
The Dow Jones FXCM US Dollar Indexput in a Shooting Star candlestick hinting a pullback may in the cards. Near-term support is at 10990 marked by the intersection of the 14.6% Fibonacci expansion and a rising trend line. A break below that on a daily closing basis exposes the September 22 high at 10956. Alternatively a push above the 23.6% level at 11043 opens the door for a challenge of the 38.2% Fib at 11130.
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
original source
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