USDCHF Classic Technical Report 08.21.2012

Prices are treading water below resistance at the top of a falling channel set from the July 24 high, now at 0.9762. Near-term support lines up at 0.9709, the May 31 closing high. A break downward initially exposes 0.9650. Alternatively, a breach above resistance targets the 0.98 figure.

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