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Talking Points:
- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 10959, 10845, 10753
- Resistance:11143, 11216, 11308
The Dow Jones FXCM US Dollar Indexpaused to consolidate following a breakout that seems to mark longer-term uptrend resumption. A daily close above the 11102-43 area marked by the 23.6% Fibonacci expansion and the October 3 high exposes the 38.2% level at 11216. Alternatively, a turn below the intersection of channel top resistance-turned-support and the 23.6% Fib retracement at 10959 clears the way for a test of the 38.2% threshold at 10845.
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 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