USDCHF Classic Technical Report 08.07.2012
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.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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