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Forex Analysis: US Dollar Classic Technical Report 01.23.2013

Ilya Spivak

Prices put in a bearish Evening Star candlestick pattern below resistance at the top of a rising channel set from mid-September, hinting a move lower is ahead. Near-term support is at 10066, the 38.2% Fibonacci retracement. A break below that initially exposes the 50% level at 10038. Channel resistance is now at 10152.

Forex_Analysis_US_Dollar_Classic_Technical_Report_01.23.2013_body_Picture_1.png, Forex Analysis: US Dollar Classic Technical Report 01.23.2013
Forex_Analysis_US_Dollar_Classic_Technical_Report_01.23.2013_body_Picture_1.png, Forex Analysis: US Dollar Classic Technical Report 01.23.2013

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

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