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US Dollar Technical Analysis: Another 4-Year High Set

Ilya Spivak

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Talking Points:

  • US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **

  • Support: 11043, 11016, 10990

  • Resistance:11130, 11200, 11269

The Dow Jones FXCM US Dollar Index is working on a seventh consecutive advance, with pricesextending to a new four-year high. A daily close above the 38.2% Fibonacci expansion at 11130 exposes the 50% level at 11200. Alternatively, a reversal back below the 23.6% Fib at 11043 clears the way for a test of rising trend line support at 11016.

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.

US Dollar Technical Analysis: Another 4-Year High Set
US Dollar Technical Analysis: Another 4-Year High Set

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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