USDCHF Classic Technical Report 09.06.2012
Prices are drifting below resistance at 0.9616, the 38.2% Fibonacci retracement. This barrier is reinforced by the intersection of a rising trend line established from late May and the top of a falling channel set from the July 24 swing high (0.9637). 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 0.9429.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to email@example.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.