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Forex Analysis: US Dollar Classic Technical Report 11.16.2012

Forex Analysis: US Dollar Classic Technical Report 11.16.2012

2012-11-16 08:01:00
Ilya Spivak, Sr. Currency Strategist
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Prices took out resistance at the top of a rising channel established from mid-September, exposing the 61.8% Fibonacci retracement at 10038. A push above that targets the 76.4% retracement at 10109. The channel top – now at 10021 – has been recast as support, with a push back below that aiming for the 50% level at 9982.

Forex_Analysis_US_Dollar_Classic_Technical_Report_11.16.2012_body_Picture_5.png, Forex Analysis: US Dollar Classic Technical Report 11.16.2012

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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