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Forex Analysis: USDCHF Classic Technical Report 10.31.2012

Forex Analysis: USDCHF Classic Technical Report 10.31.2012

Ilya Spivak, Head Strategist, APAC

Prices broke about falling trend line resistance set from the July swing high, exposing the next upside barrier at 0.9420. A further push above that targets the 38.2% Fibonacci retracement at 0.9503. Trend line resistance-turned-support is now at 0.9285. A drop back below that targets the 0.9213-38 area.

Forex_Analysis_USDCHF_Classic_Technical_Report_10.31.2012_body_Picture_5.png, Forex Analysis: USDCHF Classic Technical Report 10.31.2012

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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