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US Dollar Classic Technical Report 10.10.2012

US Dollar Classic Technical Report 10.10.2012

Ilya Spivak, Head Strategist, APAC

Prices invalidated a Bearish Engulfing candlestick pattern and are now probing through resistance in the 9928-38 area to the top of a falling channel established from the June 1 swing high (9950). A break above this boundary initially targets the 23.6% Fibonacci expansion at 9976. Rising trend line support is now at 9818.

US_Dollar_Classic_Technical_Report_10.10.2012_body_Picture_5.png, US Dollar Classic Technical Report 10.10.2012

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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