Prices took out the top of a falling channel set from late July to challenge the 23.6% Fibonacci retracement at 0.9824. A break above this boundary exposes the 38.2% Fib at 0.9943. The channel top – now at 0.9754 – has been recast as near-term support. A push back below that targets the September 14 low at 0.9632.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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