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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

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24 May 2013 11:08 GMT