US Dollar Technical Analysis: Upside Bias Intact for Now

2014-10-29 05:38:32

(MENAFN- DailyFX) DailyFX.com - r>

To receive Ilya's analysis directly via email please SIGN UP HERE

Talking Points:

US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
Support: 10959 10845 10753
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 the intersection of channel top resistance-turned-support and the 23.6% Fib retracement at 10959 clears the way for a test of the 38.2% threshold at 10845.

We remain broadly bullish on the US Dollar against its leading counterparts in line with our long-term fundamental outlook. As such we remain long via theMirror Trader US Dollar currency basket.

US Dollar Technical Analysis: Upside Bias Intact for Now

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

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.