USDCHF Classic Technical Report 08.02.2012

By Ilya Spivak | DailyFX – Thu 2 Aug, 2012 2:12 PM IST

Prices are edging higher as expected after putting in a Bullish Engulfing candlestick pattern above support in the support in the 0.9735-52 area. Initial resistance remains at 0.9872, with a break above that targeting 0.9971. Alternatively, a reversal back through support exposes a rising trend line set from early May (now at 0.9702) and the 0.9616-50 region.

USDCHF_Classic_Technical_Report_08.02.2012_body_Picture_5.png, USDCHF Classic Technical Report 08.02.2012

Daily Chart - Created Using FXCM Marketscope 2.0

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

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