Trade FOREX with FXCM

  • Award-Winning Platform
  • 24/7 Customer Support
  • Trade Directly on Charts
  • Free $50K Practice Account

Resources

USD/CHF Technical Analysis 05.24.2013

By , Currency Strategist
24 May 2013 11:08 GMT

USD/CHF Technical Analysis- Prices are testing support at 0.9687, the 23.6% Fibonacci retracement, after completing a Bearish Engulfing candlestick pattern. Negative RSI divergence argues in favor of a downside scenario. A break lower confirmed on a daily closing basis exposes the 38.2% level at 0.9596. Near-term resistance is at 0.9838, the May 22 swing high.

Forex_USDCHF_Technical_Analysis_05.24.2013_body_Picture_5.png, USD/CHF Technical Analysis 05.24.2013

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

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.

24 May 2013 11:08 GMT