Forex Analysis: US Dollar Classic Technical Report 11.15.2012
Prices took out resistance at 9982, the 50% Fibonacci retracement, with buyers now challenging the top of a rising channel established from mid-September (10020). This barrier is reinforced by the 61.8% Fib at 10038. A push above the latter boundary exposes the 76.4% retracement at 10109. The 9982 level has been recast as support, with a drop below that exposing the 38.2% mark at 9925.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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