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Forex Analysis: US Dollar Classic Technical Report 12.03.2012

Forex Analysis: US Dollar Classic Technical Report 12.03.2012

Ilya Spivak, Head Strategist, APAC

Prices are stalling at the bottom of a rising channel set from mid-September (now at 9965). An Inverted Hammer candlestick hints a rebound may be ahead. Near-term resistance is at 9993, the 23.6% Fibonacci retracement, with a push above that aiming to challenge the November 16 high at 10071. Alternatively, a break below support initially exposes the 38.2% level at 9945.

Forex_Analysis_US_Dollar_Classic_Technical_Report_12.03.2012_body_Picture_1.png, Forex Analysis: US Dollar Classic Technical Report 12.03.2012

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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