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USDCHF Classic Technical Report 10.16.2012

USDCHF Classic Technical Report 10.16.2012

Ilya Spivak, Head Strategist, APAC

Prices pulled back from 0.9411, the 23.6%Fibonacci retracement, to retest trend line resistance-turned-support set from the late-July swing high (now at 0.9296) and a larger rising trend line support set from late February (0.9281). A break below the latter level targets the September 14 low at 0.9238. Alternatively, a reversal above resistance exposes the 38.2% Fib at 0.9518.

USDCHF_Classic_Technical_Report_10.16.2012_body_Picture_5.png, USDCHF Classic Technical Report 10.16.2012

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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