US Dollar Classic Technical Report 08.22.2012
Prices recoiled from resistance marked by the confluence of a falling trend line set from the July 12 high and the midline of a falling channel carved out over the past three months, dropping back to long-term rising trend line support set from early August 2011. A break below this boundary marks a significant reversal and initially exposes channel bottom support at 9969. Resistance is now in the 10063-69 area, with a break above that targeting the 10139-69 region.
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to email@example.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.