Talking Points:
- US Dollar Technical Strategy: Holding Long
- Support: 11959, 11922, 11862
- Resistance: 12018, 12067, 12115
The Dow Jones FXCM US Dollar Index is accelerating upward anew, with prices on pace to challenge monthly highs. Near-term resistance is at 12018, the 38.2% Fibonacci expansion, with a break above that on a daily closing basis exposing the 50% level at 12067. Alternatively, a turn below the 236% Fib at 11959 opens the door for a challenge of the 14.6% expansion at 11922.
Our long-term fundamental outlook calls for a broadly stronger US Dollar against its major currency counterparts. With that in mind, we are holding long.