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US Dollar Classic Technical Report 08.31.2012

US Dollar Classic Technical Report 08.31.2012

2012-08-31 11:34:00
Ilya Spivak, Head Strategist, APAC
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Prices are stalling below a confluence of resistance marked by the top of a falling channel established from the July 12 high (10037), the underside of a rising trend set from late July 2011 (10033), and the midline of a larger channel carved out since late May (10051). A break above the latter level exposes the channel top at 10146. Initial channel support is at 9943, with a break below that exposing 9876.

US_Dollar_Classic_Technical_Report_08.31.2012_body_Picture_5.png, US Dollar Classic Technical Report 08.31.2012

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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