US Dollar Technical Analysis: Monthly High in the Crosshairs
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Talking Points:
US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
Support: 11959, 11922, 11862
Resistance: 12018, 12067, 12115
The Dow Jones FXCM US Dollar Index is accelerating upward anew, with prices on pace to challenge monthly highs. Near-term resistance is at 12018, the 38.2% Fibonacci expansion, with a break above that on a daily closing basis exposing the 50% level at 12067. Alternatively, a turn below the 236% Fib at 11959 opens the door for a challenge of the 14.6% expansion at 11922.
Our long-term fundamental outlook calls for a broadly stronger US Dollar against its major currency counterparts. With that in mind, we are holding long via the Mirror Trader US Dollar currency basket.
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Daily Chart - Created Using FXCM Marketscope
** 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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