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Forex Analysis: US Dollar Classic Technical Report 11.06.2012

By , Currency Strategist
06 November 2012 14:25 GMT

Prices are pulling back to retest resistance-turned-support at 9963, the 38.2% Fibonacci retracement. A break below this boundary exposes the 9874, a level marked by the intersection of a rising channel bottom set from mid-September and a falling channel top established from the June 1 high. Channel resistance is at 9998, with a break above that aiming for the 50% Fib at 10032.

Forex_Analysis_US_Dollar_Classic_Technical_Report_11.06.2012_body_dollar.png, Forex Analysis: US Dollar Classic Technical Report 11.06.2012

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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06 November 2012 14:25 GMT