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USDCHF Classic Technical Report 07.25.2012

USDCHF Classic Technical Report 07.25.2012

Ilya Spivak, Head Strategist, APAC

Prices broke resistance at 0.9871 marked by the 61.8% Fibonacci expansion and reinforced by the top of a rising channel set from late May. Buyers now aim to challenge the 76.4% expansion at 0.9976, a barrier closely followed by the psychologically significant parity figure. A push beyond that aims for the 100% expansion at 1.0148. The 0.9871 level has been recast as near-term support.

USDCHF_Classic_Technical_Report_07.25.2012_body_Picture_5.png, USDCHF Classic Technical Report 07.25.2012

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

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