USDCHF Classic Technical Report 07.11.2012
Prices took out resistance at 0.9785, the 50% Fibonacci expansion, exposing the 61.8% boundary at 0.9871. Negative RSI divergence warns against of ebbing bullish conviction however, casting doubt on upside follow-though from here. The 0.9785 level has been recast as near-term support, with a break back below that targeting 0.9735 and the 38.2% Fibat 0.9698.
8hr Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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