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USDCHF Classic Technical Report 08.08.2012

USDCHF Classic Technical Report 08.08.2012

Ilya Spivak, Head Strategist, APAC

Prices are stalling above support at 0.9650 having completed a Head and Shoulders topping chart pattern. A break downward aims to challenge a rising trend line set from late May (now at 0.9551). 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_08.08.2012_body_Picture_5.png, USDCHF Classic Technical Report 08.08.2012

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.