US Dollar Classic Technical Report 08.13.2012
Prices continue to stall at key support marked by a rising trend line established from late July 2011 (now squarely at the 10,000 figure) and the 76.4% Fibonacci expansion (9995). A push lower from here exposes the bottom of a falling channel set from early June (9969) and 100% expansion at 9925. Near-term resistance is at 10038, the 61.8% Fib, with a break above that targeting the channelmidline (now at 10071).
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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