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USDCHF Classic Technical Report 07.23.2012

USDCHF Classic Technical Report 07.23.2012

Ilya Spivak, Head Strategist, APAC

Prices are probing above resistance at 0.9871, the 61.8% Fibonacci expansion, as well as the top of a rising channel set from late May (now at 0.9889). A break above the latter boundary exposes the 76.4% expansion at 0.9976 and the parity figure. Near-term support lines up at 0.9785, the 50% Fib, and is bolstered by the repurposed rising trend line connecting major tops since December 2011.

USDCHF_Classic_Technical_Report_07.23.2012_body_Picture_5.png, USDCHF Classic Technical Report 07.23.2012

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.