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US Dollar Classic Technical Report 07.17.2012

US Dollar Classic Technical Report 07.17.2012

Ilya Spivak, Head Strategist, APAC

Prices took out support at 10139, the 38.2% Fibonacci retracement, to challenge the bottom of a rising channel set from the June 20 low (now at 10085). A break below this boundary would neutralize the near-term bullish bias and expose familiar support in the 10032-67 area. The 10139 level has been recast as near-term resistance.

US_Dollar_Classic_Technical_Report_07.17.2012_body_Picture_5.png, US Dollar Classic Technical Report 07.17.2012

Dow Jones FXCM US Dollar Index - 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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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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