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Forex Analysis: US Dollar Classic Technical Report 10.31.2012

Forex Analysis: US Dollar Classic Technical Report 10.31.2012

Ilya Spivak, Head Strategist, APAC

Prices remain wedged between resistance-turned-support at the upper boundary of a falling channel set from the June 1 high (9889) and the 38.2% Fibonacci retracement at 9963. A break higher exposes the 50% Fib at 10032. Alternatively, a drop below support targets rising trend line support at 9864.

Forex_Analysis_US_Dollar_Classic_Technical_Report_10.31.2012_body_Picture_5.png, Forex Analysis: US Dollar Classic Technical Report 10.31.2012

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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