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Forex Analysis: US Dollar Classic Technical Report 12.11.2012

Forex Analysis: US Dollar Classic Technical Report 12.11.2012

Ilya Spivak, Head Strategist, APAC

Prices are retesting the underside of a rising channel set from mid-September (9997), a barrier reinforced by the 23.6% Fibonacci expansion (9995). A break above that targets the 10044-46 area, marked by the 38.2% level and the November 21 close. Rising trend line support is at 9939. A drop below that exposes the December 4 low at 9917.

Forex_Analysis_US_Dollar_Classic_Technical_Report_12.11.2012_body_Picture_1.png, Forex Analysis: US Dollar Classic Technical Report 12.11.2012

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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