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US Dollar Classic Technical Report 08.27.2012

US Dollar Classic Technical Report 08.27.2012

Ilya Spivak, Head Strategist, APAC

Prices are rising as expected after putting in a Hammer candlestick above support marked by the bottom of a falling channel set from late May. Initial resistance lines up at 10024 at the underside of a major rising trend set from the late-July 2011 bottom. A break above that targets the top of a steeper channel at 10045. Alternatively, a break below support exposes 9895.

US_Dollar_Classic_Technical_Report_08.27.2012_body_Picture_5.png, US Dollar Classic Technical Report 08.27.2012

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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