US Dollar Classic Technical Report 08.29.2012
Prices were rejected downward after an initial test of resistanceat the underside of a major rising trend set from the late-July 2011 bottom. The first layer of support lines up at 9947, marked by the bottom of a falling channel set from late May, with a break below that exposing the bottom of a steeper channel established from the July 12 high (9883). Resistance is now in the 10029-55 area at the confluence of the aforementioned trend line, the smaller channel’s top and the larger one’s midline.
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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