Forex Analysis: US Dollar Classic Technical Report 12.10.2012
Prices put in a bullish Piercing Line candlestick pattern above support at 9933, the 23.6% Fibonacci expansion, hinting a move higher is ahead. Initial resistance lines up at 9983, the underside of a rising channel set from mid-September (9980) reinforced by the 14.6% Fib (9986). A break above that targets the November 21 close at 10046. Alternatively, a drop below 9933 initially exposes the 38.2% level at 9848.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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