US Dollar Classic Technical Report 10.22.2012
Prices rose to test resistance at the top of a falling channel defining the down trend since June (9917) after putting in a bullish Piercing Line candlestick pattern above support at 9835, the 23.6% Fibonacci expansion. A daily close above this barrier may prove to mark a significant bullish trend reversal, opening the door for a challenge of initial resistance at 9977. Alternatively, a drop below support exposes the 38.2% retracement at 9765.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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