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US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
Support: 10703 10657 10629
Resistance:10749-56 10777 10801
The Dow Jones FXCM US Dollar Indexis attempting to extend yesterday’s dramatic upswing touching the highest level in 12 months. A daily close above the 10749-56 area marked by the January 2014 high and the 123.6% Fibonacci expansion exposes the 138.2% level at 10777. Alternatively a turn below the 100% Fib at 10703 clears the way for a test of the 76.4% expansion at 10657.
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