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USDCHF Classic Technical Report 08.20.2012

USDCHF Classic Technical Report 08.20.2012

2012-08-20 08:25:00
Ilya Spivak, Head Strategist, APAC
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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.

USDCHF_Classic_Technical_Report_08.20.2012_body_Picture_5.png, USDCHF Classic Technical Report 08.20.2012

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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