Talking Points - US Dollar IndexTechnical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11950, 11899, 11837
- Resistance:12000, 12025, 12062
The Dow Jones FXCM US Dollar Index snapped support at a trend line guiding prices higher since late February, hinting a near-term trend reversal may be at hand. A daily close below the 50% Fibonacci retracement at 11950 exposes the 61.8% level at 11899. Alternatively, a reversal above the 38.2% Fib at 12000 opens the door for a challenge of trend line support-turned-resistance at 12025.
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.