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: 10616, 10579, 10541-9
  • Resistance:10660, 10687, 10730

The Dow Jones FXCM US Dollar Indexcontinues to extend upward, with prices advancing to the highest level in seven months. A daily close above the 14.6% Fibonacci retracement at 10660 exposes the 23.6% level at 10687. Alternatively, a reversal below the August 28 low at 10616 opens the door for a challenge of resistance-turned-support at 10579, the August 14 high.

Our long-term US Dollar outlook calls for a broadly stronger US Dollar against its major currency counterparts. With that in mind, we are holding long via theMirror Trader US Dollar currency basket.

US Dollar Technical Analysis: Rally Extends to 7-Month High

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

    Heavy Event Risk in Jobs Data, Rate Decision Will Confront Summer Trading

  2. Forex News

    US Dollar as ‘Data Dependent’ as the Fed as NFPs Approach

  3. Forex News

    Strategy Video: Am I Over or Under Trading, And How Do I Correct It?

  4. Forex News

    US Firms Hold Cash as Dollar Rises, A Sign of Excess?

  5. Forex News

    Australian Dollar Looks to RBA, US Jobs Data to Drive Volatility

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!