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: 11985, 11937, 11898
- Resistance: 12043, 12149, 12204
The Dow Jones FXCM US Dollar Index remains in consolidation mode after rising to the highest level in nearly four months. Near-term resistance is at 12043, the June 1 high, with a break above that on a daily closing basis exposing a double top at 12149. Alternatively, a reversal below the 23.6% Fibonacci retracement at 11985 opens the door for a challenge of the 38.2% level at 11937.
We remain broadly bullish on the US Dollar against its leading counterparts in line with our long-term fundamental outlook. As such, we remain long via the Mirror Trader US Dollar currency basket.
Add these technical levels directly to your charts with our Support/Resistance Wizard app!
** 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