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Talking Points:
- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11278, 11219, 11158
- Resistance:11315, 11374, 11422
The Dow Jones FXCM US Dollar Indexhas advanced to a five-year high as prices resume the march higher following a brief period of consolidation. A daily close above the 23.6% Fibonacci expansionat 11315 exposes the 38.2% level at 11374. Alternatively, a turn below the 14.6% expansion at 11278 opens the door for a challenge of the November 17 low at 11219.
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