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Talking Points:
- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11807, 11740, 11653
- Resistance:11876, 11963, 12103
The Dow Jones FXCM US Dollar Index continues to look vulnerable as a bearish Evening Star and negative RSI divergence warn of oncoming losses. A daily close below trend line support is at 11807 exposes the 14.6% Fibonacci retracement 11740. Alternatively, a push above the 11854-76 zone (14.6% Fib expansion, March 2009 high) opens the door for a challenge of the 23.6% threshold at 11963.
We remain broadly bullish on the US Dollar against its leading counterparts in line with our long-term fundamental outlook. As such, we remain long via the Mirror Trader US Dollar currency basket.
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Daily Chart - Created Using FXCM Marketscope
** 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
