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
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