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US Dollar Working On Fifth Straight Gain

Published 09/29/2014, 08:17 AM
Updated 07/09/2023, 06:31 AM

Talking Points:

  • US Dollar Technical Strategy: Holding Long
  • Support: 11033, 11074, 11114
  • Resistance:10983, 10953, 10918

The Dow Jones FXCM US Dollar Indexis trying to clear the way for continued gains after touching the strongest level in over four years. A daily close above the 38.2% Fibonacci expansion at 11033 exposes the 50% level at 11074. Alternatively, a reversal below the intersection of a rising trend line and the 23.6% Fib at 10983 clears the way for a test of the 14.6% expansion at 10953.

We bought USD/CHF at 0.9068 and have since taken profit on half of our exposure. The remainder of the trade is open to capture any further upside momentum. The stop-loss is now at 0.9114, our initial objective.

US Dollar Daily Chart

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