Currencies | Aug 28 2014
By Ilya Spivak, Currency Strategist, FXCM
– Support: 10618, 10591, 10548
– Resistance:10657, 10683, 10725
The Dow Jones FXCM US Dollar Indexmay be setting up for a correction downward after prices put in a bearish Evening Star candlestick pattern. Near-term support is at 10618, the 14.6% Fibonacci retracement, with a break below that on a daily closing basis exposing the 23.6% level at 10591. Alternatively, a turn above the 14.6% Fib expansion at 10657 clears the way for a test of the 23.6% threshold at 10683.
We remain broadly bullish on the US Dollar against its leading counterparts in line with ourlong-term fundamental outlook. As such, we remain long via theMirror Trader US Dollar currency basket.
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