US Dollar Classic Technical Analysis Report 10.23.2012
Prices broke above key resistance at the top of a falling channel defining the down trend since June after putting in a bullish Piercing Line candlestick pattern above support at 9835, the 23.6% Fibonacci expansion. From here, the bulls aim to challenge resistance at 9938, with a break above that targeting 9980. The channel top, now at 9913, has been recast as support. A break below that targets a rising trend line in place from mid-September, now at 9844.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail email@example.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.