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US Dollar Classic Technical Report 10.11.2012

US Dollar Classic Technical Report 10.11.2012

Ilya Spivak, Head Strategist, APAC

Prices invalidated a Bearish Engulfing candlestick pattern and are now testing through resistance in the 9928-38 area to challenge the top of a falling channel established from the June 1 swing high (9945). A break above this boundary initially targets the 23.6% Fibonacci expansion at 9976. However, a Harami candlestick pattern warns of a possible near-term pullback. Rising trend line support is now at 9877.

US_Dollar_Classic_Technical_Report_10.11.2012_body_Picture_5.png, US Dollar Classic Technical Report 10.11.2012

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.