Forex Analysis: US Dollar Classic Technical Report 12.04.2012

DailyFX

Prices broke through support at the bottom of a rising channel set from mid-September, exposing the 38.2% Fibonacci retracement at 9945. A break below that targets the 50% level at 9906. The channel bottom, now at 9970, has been recast as near-term resistance. A reversal back above that aims for the 23.6% Fib at 9993.

View photo

.
Forex_Analysis_US_Dollar_Classic_Technical_Report_12.04.2012_body_Picture_1.png, Forex Analysis: US Dollar Classic Technical Report 12.04.2012

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

To be added to Ilya's e-mail distribution list, please CLICK HERE

New to FX? Watch this Video. For live market updates, visit the Real Time News Feed

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

Rates

View Comments (0)