USD/CHF Technical Analysis – Prices cautiously recovered above the 50% Fibonacci retracement at 0.9440, hinting at renewed upside momentum ahead. Near-term resistance is at 0.9513, the 38.2% level. The break higher is extremely narrow at a mere 4 pips however, raising concerns about upside follow-through. A reversal back beneath 0.9440 sees the next layer of support at 0.9367, the 61.8% Fib.
Confirm your chart-based trade setups with the Technical Analyzer.
Daily Chart - Created Using FXCM Marketscope 2.0
--- 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.