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.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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