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US Dollar Classic Technical Report 07.19.2012

US Dollar Classic Technical Report 07.19.2012

Ilya Spivak, Head Strategist, APAC

Prices took out support at the bottom of what appears to be a Flag formation set from the June 20 low, hinting at downward continuation from here. Sellers are now testing through interim support at 10070, with a break of that exposing the 10010-32 area marked by the early April top and the 61.8% retracement. If fully realized, the Flag setup implies a measured target at 9935. The formation’s lower boundary, now at 10089, has been recast as near-term resistance.

US_Dollar_Classic_Technical_Report_07.19.2012_body_Picture_5.png, US Dollar Classic Technical Report 07.19.2012

Dow Jones FXCM US Dollar Index - Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.