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USDCHF Classic Technical Report 07.31.2012

USDCHF Classic Technical Report 07.31.2012

Ilya Spivak, Head Strategist, APAC

Prices are testing support in the 0.9699-0.9735 area marked by the May 31 top and the 38.2% Fibonacci expansion. The barrier is reinforced by a rising trend line set from the May 1 low. A break below the latter boundary exposes 0.9455. Near-term resistance lines up at 0.9869 and 0.9977, the 61.8% and 76.4% expansions respectively.

USDCHF_Classic_Technical_Report_07.31.2012_body_Picture_5.png, USDCHF Classic Technical Report 07.31.2012

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.