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: 10627, 10595, 10576
  • Resistance:10652, 10677, 10709

The Dow Jones FXCM US Dollar Index vaulted to a six-month highafter launching a rally as expectedhaving formed a Bullish Engulfing candlestick pattern. Near-term resistance is at 10652, 50%Fibonacci expansion, with a daily close above that exposing the 61.8% level at 10677. Alternatively, a turn below the 38.2% Fib expansion at 10627 clears the way for a test of the 23.6% threshold at 10595.

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.

US Dollar Technical Analysis: Largest Surge in 7 Weeks Recorded

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.

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    Global Equity Markets Look Unsettled, China Is Tumbling

  2. Forex News

    EUR/USD looks to Greece for direction

  3. Forex News

    USD/JPY supported at 122.60

  4. Forex News

    BoE Policy Meeting Preview - Rabobank

  5. Forex News

    GBP/USD sinks to 1.5570

Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!