Talking Points:- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket
- Support: 11937, 11898, 11858
- Resistance: 11985, 12043, 12149
The Dow Jones FXCM US Dollar Index broke through range support to hit the lowest level in a month. Near-term support is at 11937 (trend line, 38.2% Fibonacci retracement), with a break below that on a daily closing basis exposing the 50% level at 11898. Alternatively, a move above the 23.6% Fib at 11985 opens the door for a challenge of the June 1 high at 12043.
We remain broadly bullish on the US dollar against its leading counterparts in line with our long-term fundamental outlook.
