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USDCHF Classic Technical Report 07.11.2012

USDCHF Classic Technical Report 07.11.2012

2012-07-11 02:43:00
Ilya Spivak, Head Strategist, APAC
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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.

USDCHF_Classic_Technical_Report_07.11.2012_body_Picture_5.png, USDCHF Classic Technical Report 07.11.2012

8hr 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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