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US Dollar Classic Technical Report 10.19.2012

US Dollar Classic Technical Report 10.19.2012

Ilya Spivak, Head Strategist, APAC

Prices put in a bullish Piercing Line candlestick pattern above support at 9835, the 23.6% Fibonacci expansion, hinting a rebound may be a head. Overall positioning favors weakness absent a close above falling channel top resistance at 9922, making any rebound falling short of that corrective. A drop below support exposes the 38.2% retracement at 9765.

US_Dollar_Classic_Technical_Report_10.19.2012_body_Picture_5.png, US Dollar Classic Technical Report 10.19.2012

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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