Forex Analysis: USD/CHF Classic Technical Report 11.21.2012
Prices are testing support in the 0.9392-0.9402 area marked by a range top set from late September, the 23.6% Fibonacci retracement, and a rising trend line set from the October 17 low. A bounce here aims for resistance at the 38.2% Fibonacci retracement (0.9503), with a break above that targeting the 50% level at 0.9592. Alternatively, a drop below support aims for the 0.9213-38 region.
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
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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, please CLICK HERE
New to FX? Watch this Video. For live market updates, visit the Real Time News Feed
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