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
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