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USDCHF Classic Technical Report 08.17.2012

USDCHF Classic Technical Report 08.17.2012

Ilya Spivak, Head Strategist, APAC

Prices reversed lower from resistance at the top of a falling channel set from the July 24 high, taking out interim support at 0.9735. Sellers now aim to challenge 0.9650, with a break below that exposing falling channel support at 0.9575. This barrier is reinforced by a rising trend line set from the May 21 low, now at now at 0.9565. The 0.9735 level has been recast as near-term resistance.

USDCHF_Classic_Technical_Report_08.17.2012_body_Picture_5.png, USDCHF Classic Technical Report 08.17.2012

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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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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