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US Dollar Classic Technical Report 08.22.2012

US Dollar Classic Technical Report 08.22.2012

Ilya Spivak, Head Strategist, APAC

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.

US_Dollar_Classic_Technical_Report_08.22.2012_body_Picture_5.png, US Dollar Classic Technical Report 08.22.2012

Dow Jones FXCM US Dollar Index - Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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