US Dollar Working On Fifth Straight Gain
Dailyfx | Sep 29, 2014 08:17AM ET
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.
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