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FOREX Technical Analysis: USD/CHF Trying to Hold Fibonacci Support

By , Sr. Technical Strategist
21 November 2012 02:26 GMT

Daily Bars

FOREX_Technical_Analysis_USDCHF_Trying_to_Hold_Fibonacci_Support_body_usdchf.png, FOREX Technical Analysis: USD/CHF Trying to Hold Fibonacci Support

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: Monthly opening range implications are bullish USDCHF with the low occurring on day 1 of the month. Fibonacci support (38.2% of rally from October low) has held the last several days, which gives scope to a bounce towards resistance at 9473.

FOREXTrading Strategy: “The larger trend is up against 9294 and those looking to buy dips should have the opportunity to do so in the next several days. The first area to expect support is 9373/80.” The USDCHF traded to 9391 in what may be the low. Strength above 9456 would still face 9473/91 as potential resistance.

LEVELS: 9328 9363 9380 9442 9473 9512

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21 November 2012 02:26 GMT