US Dollar Classic Technical Report 08.17.2012
Prices are testing the 10041-75 resistance cluster marked by the range bottom dating from mid-June, the midline of a falling channel set from late May, and a falling trend line established from the July 12 swing high. A break above this boundary would mark the first step toward neutralizing the near-term downside pressure, initially exposing the 100139-69 congestion region. Long-term rising trend line support is now at 10007, with a break below that aiming for the channel bottom at 9975.
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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