USDCHF Classic Technical Report 08.20.2012
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 0.9568 at the intersection of the channel bottom and a rising trend line set from the May 21 low. The 0.9735 level has been recast as near-term resistance, with a push above that targeting channel resistance at 0.9772.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to email@example.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.