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Forex: USD/CHF Technical Analysis – Candles Hint at Bounce

By , Currency Strategist
22 August 2013 06:59 GMT

USD/CHF Technical Analysis – Prices put in a bullish Piercing Line candlestick pattern above support at a rising trend line set from February 2012, hinting a move higher is ahead. Positive RSI divergence bolsters the case for an upside scenario. Near-term resistance is at 0.9290, the 23.6% Fibonacci retracement, with a break above that targeting the 38.2% level at 0.9378. Trend line support is now at 0.9160.

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dailyclassics_usd-chf_body_Picture_6.png, Forex: USD/CHF Technical Analysis – Candles Hint at Bounce

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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22 August 2013 06:59 GMT