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USDCHF Classic Technical Report 09.25.2012

USDCHF Classic Technical Report 09.25.2012

Ilya Spivak, Head Strategist, APAC

Prices broke through resistance at 0.9345, the 14.6% Fibonacci retracement, after bouncing from support at a rising trend line set from late February. Buyers now aim to challenge the 23.6% level at 0.9411, with a break above that exposing the 38.2% Fib at 0.9518. The 0.9345 level has been recast as support, with a drop back below that opening the door for another test of the trend line (now at 0.9253).

USDCHF_Classic_Technical_Report_09.25.2012_body_Picture_5.png, USDCHF Classic Technical Report 09.25.2012

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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