Forex: US Dollar Technical Analysis – Familiar Support in Play

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Talking Points:

  • US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
  • Support: 10617-20 (horizontal pivot, 38.2% Fib exp.), 10592 (23.6% Fib exp.)
  • Resistance: 10642 (76.4% Fib exp.), 10658 (61.8% Fib exp.)

The Dow Jones FXCM US Dollar Index is testing support in the 10617-20 area, marked by the 100% Fibonacci expansion and a horizontal support shelf dating back to mid-December 2013. A further push below this boundary exposes the 123.6% level at 10592. Alternatively, a reversal back above the 76.4% Fib at 10642 aims for the 61.8% expansion at 10658.

We are holding long the US Dollar on a long-term basis via the Mirror Trader US Dollar currency basket. **

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dailyclassics_us_dollar_index_body_Picture_11.png, Forex: US Dollar Technical Analysis – Familiar Support in Play

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

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