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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: 10845 10753 10661
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Resistance:10984 11076 11143
The Dow Jones FXCM US Dollar Index declined as expected after putting in a bearish Dark Cloud Cover candlestick pattern issuing the largest daily drop in a year. Near-term support is at 10845 the 38.2% Fibonacci retracement with a break below that on a daily closing basis exposingthe 10753-56 area marked by the January 2014 and the 50% level. Alternatively a reversal above support-turned-resistance at 10984 opens the door for a challenge of October 15 high at 11076.
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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