To receive Ilya's analysis directly via email, please SIGN UP HERE
The Dow Jones FXCM US Dollar Index is once again testing support at a rising trend line set from September 2012, a barrier reinforced by the 23.6% Fibonacci expansion at 10547. A break below this barrier initially exposes the 38.2% level at 10513. Near-term resistance is at 10602, the February 21 high. The fundamental backdrop seems supportive and our long-term view continues to favor broad-based US Dollar strength in the months ahead. As such, we will continue to hold long USD via the Mirror Trader US Dollar currency basket. **
Daily Chart - Created Using FXCM Marketscope 2.0
** The Dow Jones FXCM US Dollar Index and the Mirror Trader USD basket are not the same product.
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com