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US Dollar Classic Technical Report 09.25.2012

US Dollar Classic Technical Report 09.25.2012

Ilya Spivak, Head Strategist, APAC

Prices put in a bearish Evening Star candlestick pattern after re-testing a rising trend line set from the September 14 low, hinting a move lower is ahead. Initial support is at 9783, the 23.6% Fibonacci expansion, with a break beneath that exposing the 38.2% expansion at 9738. Trend line resistance is now reinforced by the 38.2%retracement at 9857, with a push above that targeting the 50% barrier at 9893.

US_Dollar_Classic_Technical_Report_09.25.2012_body_Picture_5.png, US Dollar Classic Technical Report 09.25.2012

4hr 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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