USDCHF Classic Technical Report 08.24.2012

Prices broke below support at a rising trend line set from late May to challenge the bottom of a falling channel set from the July 24 high, now at 0.9526. A break below this level exposes the 50% Fibonacci retracement at 0.9451. The trend line, now at 0.9596, has been recast as near-term resistance. A break back above that targets 0.9650-0.9709 area, followed by the channel top at 0.9732.

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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