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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: 11010 10918 10845
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Resistance:11143 11216 11308
The Dow Jones FXCM US Dollar Indexpaused to consolidate following a breakout that seems to mark longer-term uptrend resumption. A daily close above the 11102-43 area marked by the 23.6% Fibonacci expansion and the October 3 high exposes the 38.2% level at 11216. Alternatively a turn below channel top resistance-turned-support at 11010 clears the way for a test of the 10918-59 area (23.6% Fib retracement October 15 low).
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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