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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: 10882 10845 10753
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Resistance:11044 11143 11216
The Dow Jones FXCM US Dollar Indexdeclined as expected after putting in a bearish Dark Cloud Cover candlestick pattern. Near-term support is at 10882 marked by a falling channel bottom with a break below that on a daily closing basis exposingthe 38.2% Fibonacci retracementat 10845. Alternatively a reversal above the channel top at 11035 opens the door for a challenge of 11143 the October 3 high.
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
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