USD/CHF Technical Analysis- Prices are pushing higher as expected after putting in a Bullish Engulfing candlestick pattern above the 0.92 figure. Buyers are now challenging resistance at 0.9478, the 50% Fibonacci expansion. A break above that aims for the 61.8% level at 0.9542. A Shooting Star candlestick warns of a possible pullback however. Near-term support is at 0.9414, the 38.2% Fib, with a move beneath that exposing the 23.6% expansion at 0.9334.
Daily Chart - Created Using FXCM Marketscope 2.0
Want to back-test your technical trading strategy? Download the historical data here.
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail email@example.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.