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US Dollar Classic Technical Report 08.29.2012

US Dollar Classic Technical Report 08.29.2012

Ilya Spivak, Head Strategist, APAC

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.

US_Dollar_Classic_Technical_Report_08.29.2012_body_Picture_5.png, US Dollar Classic Technical Report 08.29.2012

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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