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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: 10890 10845 10753
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Resistance:11044 11143 11216
The Dow Jones FXCM US Dollar Indexmoved lower as expected after producing a bearish Dark Cloud Cover candlestick pattern. A daily close below falling channel bottom support at 10890 exposesthe 38.2% Fibonacci retracementat 10845. Alternatively a turn above the channel top at 11044 clears the way for a test of 11143 the October 3 high.
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 the Mirror 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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