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- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 10389 (61.8% Fib exp.), 10364-70 (May 8 low, 76.4% Fib exp.)
- Resistance: 10409 (50% Fib exp.), 10429 (38.2% Fib exp.)
The Dow Jones FXCM US Dollar Index is attempting to correct upward after hitting a seven-month low. Near-term resistance is at 10409, the 50% Fibonacci expansion, with a break back above that on a daily closing basis exposing the 38.2% level at 10429. Support is at 10389, the 61.8% Fib. A break below that eyes the May 8 low at 10370, followed by the 76.4% Fib at 10364.
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