USDCHF Classic Technical Report 09.05.2012
Prices are drifting below resistance at 0.9616, the 38.2% Fibonacci retracement. This barrier is reinforced by a rising trend line established from late May (0.9633) and the top of a falling channel set from the July 24 swing high (0.9649). A break above that exposes the 0.97 figure. Near-term support is at the 50% Fib (0.9506), with a break below that targeting the channel bottom at 0.9439.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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