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FOREX Technical Analysis: USD/CHF Responds to Fibonacci Level at 9400

FOREX Technical Analysis: USD/CHF Responds to Fibonacci Level at 9400

2012-11-20 01:10:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

FOREX_Technical_Analysis_USDCHF_Responds_to_Fibonacci_Level_at_9400_body_usdchf.png, FOREX Technical Analysis: USD/CHF Responds to Fibonacci Level at 9400

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: Monthly opening range implications are bullish USDCHF with the low occurring on day 1 of the month. The Monday decline traded into Fibonacci support (38.2% of rally from October low) before reversing sharply following news of the French downgrade.

FOREXTrading Strategy: “The larger trend is up against 9294 and those looking to buy dips should have the opportunity to do so in the next several days. The first area to expect support is 9373/80.” The USDCHF traded to 9394 in what may be the low. Strength above 9456 would confirm as much although 9473/91 is still potential resistance.

LEVELS: 9328 9363 9380 9442 9473 9512

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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