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USDCHF Classic Technical Report 08.29.2012

USDCHF Classic Technical Report 08.29.2012

2012-08-29 11:00:00
Ilya Spivak, Head Strategist, APAC
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Prices recoiled downward after a test of resistance at a rising trend line established from late May (0.9516), with sellers seeing initial support at the bottom of a falling channel set from the July 24 swing high (0.9494). A break below that exposes the 50% Fibonacci retracement at 0.9451. Still, a Bullish Engulfing candlestick pattern completed last week 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_08.29.2012_body_Picture_5.png, USDCHF Classic Technical Report 08.29.2012

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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