Forex Analysis: US Dollar Classic Technical Report 12.03.2012
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.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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