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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:11216 11102 10996
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Resistance:11308 11400 11514
The Dow Jones FXCM US Dollar Indexcontinues to march upward clearing the 2010 high to hit the highest level in over five years. Near-term resistance is at 11308 the 50% Fibonacci expansion with a break above that on a daily closing basis exposing the 61.8% level at 11400. Alternatively a reversal below the 38.2% Fib at 11216 clears the way for a test of the 11102-43 area marked by the October 3 high and the 23.6% expansion.
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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