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USDCHF Classic Technical Report 08.07.2012

USDCHF Classic Technical Report 08.07.2012

Ilya Spivak, Head Strategist, APAC

Prices appear to have completed a Head and Shoulders top with a break below neckline support at 0.9735. Sellers are now testing near-term support at 0.9650, with a break below that aiming for a rising trend line set from late May (now at 0.9553). The H&S top structure implies a measured downside target at 0.9499. Alternatively, a push back above 0.9735 targets the 0.9872-98 area.

USDCHF_Classic_Technical_Report_08.07.2012_body_Picture_5.png, USDCHF Classic Technical Report 08.07.2012

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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