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US Dollar Classic Technical Report 10.16.2012

US Dollar Classic Technical Report 10.16.2012

Ilya Spivak, Head Strategist, APAC

Prices are testing critical resistance in the 9928-38 area, marked by the late August swing bottom and the top of a falling channel set from the early June high. A break higher threatens to produce a significant upward trend reversal, initially exposing 9985. Rising trend line support is at 9890, with a break below that targeting 9823.

US_Dollar_Classic_Technical_Report_10.16.2012_body_Picture_5.png, US Dollar Classic Technical Report 10.16.2012

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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