Forex Analysis: US Dollar Classic Technical Report 12.12.2012

DailyFX

Prices are resting at rising trend line support set from the mid-September bottom, with the outlines of a Flag chart formation hinting at bullish continuation. A Piercing Line candlestick pattern reinforces the case for an upside scenario. A break above Flag resistance at 9976 initially exposes the 23.6% Fibonacci expansion at 9995. Alternatively, a drop below the trend line (now at 9942) targets the Flag bottom at 9895.

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Forex_Analysis_US_Dollar_Classic_Technical_Report_12.12.2012_body_Picture_1.png, Forex Analysis: US Dollar Classic Technical Report 12.12.2012

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--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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