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USDCHF Classic Technical Report 08.28.2012

USDCHF Classic Technical Report 08.28.2012

Ilya Spivak, Head Strategist, APAC

Prices are recoiling lower after a test of resistance at a rising trend line established from late May (0.9514), with sellers seeing initial support at the bottom of a falling channel set from the July 24 swing high (0.9504). A break below that exposes the 50% Fibonacci retracement at 0.9451. Still, a Bullish Engulfing candlestick pattern completed yesterday hints at an upside bias, with only a close below the formation’s low (0.9538) acting to invalidate. A reversal above resistance initially exposes 0.9650.

USDCHF_Classic_Technical_Report_08.28.2012_body_Picture_5.png, USDCHF Classic Technical Report 08.28.2012

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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