USDCHF Classic Technical Report 08.10.2012
Prices broke back above 0.9735, seemingly invalidating the Head and Shoulders topping formation completed with the August 3 close. A break above falling trend line resistance set from the July 24 high, now at 0.9837, would confirm an upside reversal and expose 0.9898. The 0.9735 level has been recast as near-term support, with a break below that targeting 0.9650.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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