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USDCHF Classic Technical Report 08.24.2012

USDCHF Classic Technical Report 08.24.2012

2012-08-24 12:00:00
Ilya Spivak, Head Strategist, APAC
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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.

USDCHF_Classic_Technical_Report_08.24.2012_body_Picture_5.png, USDCHF Classic Technical Report 08.24.2012

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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