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US Dollar Classic Technical Report 08.07.2012

US Dollar Classic Technical Report 08.07.2012

Ilya Spivak, Head Strategist, APAC

Prices put in an Inverted Hammer candlestick above support at a major rising trend line established from late July 2011, hinting a bounce may be ahead. Initial resistance lines up at 10041, with a push beyond that targeting the midline of a falling channel carved out over the past two months, now at 10077. Alternatively, a break below support initially exposes 9924.

US_Dollar_Classic_Technical_Report_08.07.2012_body_Picture_5.png, US Dollar Classic Technical Report 08.07.2012

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.