USDCHF Classic Technical Report 08.31.2012

Prices are drifting below resistance at a rising trend line established from late May (0.9626). A break higher exposes 0.9650, with a break above that targeting the top of a falling channel set from the July 24 swing high (0.9679). Near-term support is at 0.9547, with a break below that exposing channel support at 0.9471.

Daily Chart - Created Using FXCM Marketscope 2.0

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

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