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US Dollar Classic Technical Report 08.16.2012

US Dollar Classic Technical Report 08.16.2012

Ilya Spivak, Head Strategist, APAC

Prices edged though resistance at 10041, a former support level reinforced by a falling trend line set from the July 12 swing high. The bulls now aim to challenge the August 2 top at 10096, with a move beyond that targeting the 10139-69 congestion region. The 10041 level has been recast as support, with a dip back below that seeing long-term trend line support squarely at the 10000 figure.

US_Dollar_Classic_Technical_Report_08.16.2012_body_Picture_5.png, US Dollar Classic Technical Report 08.16.2012

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.