US Dollar Technical Analysis – October Bottom Marks Support
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Talking Points:
US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
Support: 10375 (double bottom)
Resistance: 10472 (channel top), 10495 (support-turned-resistance)
The Dow Jones FXCM US Dollar Index is attempting to carve out a double bottom at 10375. Near-term resistance is at 10472, marked by the top of a falling channel that has guided the greenback lower since the beginning of the year. A break above that on a daily closing basis initially targets support-turned-resistance at 10495.
Our long-term fundamental view continues to call for a stronger US Dollar against its key counterparts. As such, we remain long the benchmark currency 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
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