USDCHF Classic Technical Report 07.16.2012
Prices are testing resistance at 0.9870, the 61.8% Fibonacci expansion. A break higher exposes the 76.4% expansion at 0.9976. Near-term support lines up in the 0.9771-85 area, marked by the June 1 high and 50% Fib, with a break below that targeting the 38.2% level at 0.9698. A bearish Engulfing candlestick pattern and negative RSI divergence hint the downside scenario may prevail near-term.
8hr Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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