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US Dollar Technical Analysis: Gap Fails to Disturb Range

Ilya Spivak

DailyFX.com -

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Talking Points:

  • US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **

  • Support: 11829, 11792, 11732

  • Resistance: 11888, 11937, 11985

The Dow Jones FXCM US Dollar Index advanced as expected after prices put in a bullish Morning Star candlestick pattern. Near-term resistance is at 11888, the 38.2% Fibonacci expansion, with a break above that on a daily closing basis exposing the 50% level at 11937. Alternatively, a move below the 23.6% Fib at 11829 opens the door for a challenge of the 14.6% level at 11792.

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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US Dollar Technical Analysis: Gap Fails to Disturb Range
US Dollar Technical Analysis: Gap Fails to Disturb Range

** 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


original source

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