Prices are testing through near-term channel support set from the September 14 low, hinting downside pressure may be preparing to re-emerge. A break lower sees initial support at 9783, the 23.6% Fibonacci expansion. Near-term resistance is at 9857, the 38.2% Fib retracement level, with a break above that exposing the channel top (now at 9867).
4hr Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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