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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: 10942 10880 10817
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Resistance:11069 11146 11209
The Dow Jones FXCM US Dollar Indexis in digestion mode after turning lower as expected following the appearance of a bearish Dark Cloud Cover candlestick pattern. A daily close below the 38.2% Fibonacci retracementat 10942 exposes the 50% level at 10880. Alternatively a reversal above the 23.6% Fib expansion at 11069 clears the way for a test of the 38.2% threshold at 11146.
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
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