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USD/CHF Classic Technical Report 07.05.2012

USD/CHF Classic Technical Report 07.05.2012

Ilya Spivak, Head Strategist, APAC

Prices are showing a Shooting Star candlestick pattern below resistance at 0.9591, the 50%Fibonacci expansion, hinting a pullback may be ahead. Initial support lines up at 0.9561, the 38.2% level, with added reinforcement from a rising channel bottom set from June 29 low. A break below this boundary exposes the 23.6 Fib at 0.9523. Alternatively, renewed upside momentum that takes the pair through resistance targets the channel top at 0.9609 and the 61.8% retracement at 0.9621.

USDCHF_Classic_Technical_Report_07.05.2012_body_Picture_5.png, USD/CHF Classic Technical Report 07.05.2012

4hr 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

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

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