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USDCHF Classic Technical Report 08.27.2012

USDCHF Classic Technical Report 08.27.2012

2012-08-27 10:41:00
Ilya Spivak, Head Strategist, APAC
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Prices put in a Bullish Engulfing candlestick above support at the bottom of a falling channel set from the July 24 swing high, hinting a move higher is ahead. Initial resistance stands at a rising trend line established from late May (0.9597), with a break above that exposing the 0.9650-0.9709 area. Channel support is now at 0.9511. A break below that exposes the 50% Fibonacci retracement at 0.9451.

USDCHF_Classic_Technical_Report_08.27.2012_body_Picture_5.png, USDCHF Classic Technical Report 08.27.2012

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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