USDCHF Classic Technical Report 09.03.2012

Prices are drifting below resistance at a rising trend line established from late May (0.9629), a barrier reinforced by the 38.2% Fibonacci retracement at 0.9616. A break higher exposes the top of a falling channel set from the July 24 swing high (0.9668). Near-term support is at the 50% Fib (0.9506), with a break below that targeting the 61.8% level at 0.9397.

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