US Dollar Classic Technical Report 08.28.2012
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 the underside of a major rising trend set from the late-July 2011 bottom (10027). A push above that targets the top of a steeper channel set from the July 12 high (10039), followed by the larger channel’s midline (10057).
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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