Prices are testing below support at a rising trend line set from late May to challenge the bottom of a falling channel set from the July 24 high, now at 0.9535. A break below the latter level exposes the 50% Fibonacci retracement at 0.9451. Near-term resistance is in the 0.9650-0.9709 area, followed by the channel top at 0.9741.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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