USDCHF Classic Technical Report 08.24.2012
Prices broke below support at a rising trend line set from late May to challenge the bottom of a falling channel set from the July 24 high, now at 0.9526. A break below this level exposes the 50% Fibonacci retracement at 0.9451. The trend line, now at 0.9596, has been recast as near-term resistance. A break back above that targets 0.9650-0.9709 area, followed by the channel top at 0.9732.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail email@example.com. 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 firstname.lastname@example.org