US Dollar Technical Analysis: New 11-Year High Established
Dailyfx | Mar 11, 2015 02:53AM ET
Talking Points:
- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11965, 11854, 11737
- Resistance:12107, 12221, 12335
The Dow Jones FXCM US Dollar Index looks poised to continue higher after prices advanced to the highest level in over 11 years. Near-term resistance is at 12107, the 38.2% Fibonacci expansion, with a break above that on a daily closing basis exposing the 50% level at 12221. Alternatively, a below the 23.6% Fib at 11965 opens the door for a challenge of the 11854-76 area (14.6% Fibonacci expansion, March 2009 high).
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