USDCHF Classic Technical Report 09.03.2012
Prices are drifting below resistance at a rising trend line established from late May (0.9629), a barrier reinforced by the 38.2% Fibonacci retracement at 0.9616. A break higher exposes the top of a falling channel set from the July 24 swing high (0.9668). Near-term support is at the 50% Fib (0.9506), with a break below that targeting the 61.8% level at 0.9397.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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