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US Dollar Classic Technical Report 10.18.2012

US Dollar Classic Technical Report 10.18.2012

Ilya Spivak, Head Strategist, APAC

Prices turned lower after putting in a Harami candlestick pattern below resistance marked by the top of a falling channel set from the early June high. Sellers have now broken rising trend line support set from the September 14 low, to challenge the 23.6% Fibonacci expansion at 9835. A push below that exposes the 38.2% retracement at 9765. Resistance is now in the 9909-25 area.

US_Dollar_Classic_Technical_Report_10.18.2012_body_Picture_5.png, US Dollar Classic Technical Report 10.18.2012

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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