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USDCHF Classic Technical Report 08.22.2012

USDCHF Classic Technical Report 08.22.2012

Ilya Spivak, Head Strategist, APAC

Prices broke support in the 0.9650-0.9709 area, with sellers now aiming to challenge a rising trend line set from late May (0.9587). A push below this barrier targets the bottom of a falling channel set from the July 24 high, now at 0.9546. Alternatively, a move back above 0.9709 aims for the channel top (0.9755).

USDCHF_Classic_Technical_Report_08.22.2012_body_Picture_5.png, USDCHF Classic Technical Report 08.22.2012

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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