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
To contact Ilya, e-mail email@example.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to firstname.lastname@example.org
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.