US Dollar Classic Technical Report 10.05.2012

Prices put in a Bearish Engulfing candlestick pattern below resistance in the 9928-38 area, hinting a move lower is ahead. Initial rising trend line support is at 9810, with a break below that exposing the September 14 close at 9773. Alternatively, a push above resistance targets the top of a falling channel established from the June 1 swing high, now at 9962.

Daily Chart - Created Using FXCM Marketscope 2.0

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

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