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US Dollar Classic Technical Report 07.31.2012

US Dollar Classic Technical Report 07.31.2012

Ilya Spivak, Head Strategist, APAC

Prices are probing lower toward the 10,000 figure – a barrier reinforced by a major rising trend line set from late July – after taking out range support at 10041. A daily close below the latter boundary would make the case for a significant bearish trend change. The 10041 level has been recast as near-term resistance.

US_Dollar_Classic_Technical_Report_07.31.2012_body_Picture_5.png, US Dollar Classic Technical Report 07.31.2012

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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