USDCHF Classic Technical Report 10.08.2012

DailyFX

Prices took out support at 0.9345, the 14.6% Fibonacci retracement, to expose a rising trend line set from late February (now at 0.9267). A break below this boundary initially exposes the September 14 low at 0.9238. The 0.9345 level has been recast as near-term resistance, with a reversal back above that targeting the 23.6% Fib at 0.9411.

View photo

.
USDCHF_Classic_Technical_Report_10.08.2012_body_Picture_5.png, USDCHF Classic Technical Report 10.08.2012

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

To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to ispivak@dailyfx.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

Rates

View Comments (0)