DailyFX.com -

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: 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.

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.