Forex Analysis: US Dollar Classic Technical Report 12.31.2012

Prices put in a Shooting Star candlestick below resistance at 10044, the 32.8%Fibonacci expansion, hinting a move lower may be ahead. Resistance is reinforced rising trend line support-turned-resistance set from the September 14 low (10055). Initial support marked by the 23.6% expansion at 9995. Alternatively, a reversal above resistance targets the 50% level at 10082.

Daily Chart - Created Using FXCM Marketscope 2.0

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

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