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US Dollar Classic Technical Analysis Report 10.23.2012

US Dollar Classic Technical Analysis Report 10.23.2012

Ilya Spivak, Head Strategist, APAC

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.

US_Dollar_Classic_Technical_Report_10.23.2012_body_Picture_5.png, US Dollar Classic Technical Analysis Report 10.23.2012

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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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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