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USDCHF Classic Technical Report 07.17.2012

USDCHF Classic Technical Report 07.17.2012

Ilya Spivak, Head Strategist, APAC

Prices turned lower after putting in a Bearish Engulfing candlestick pattern below 61.8% Fibonacci expansion (0.9870) coupled with negative RSI divergence. The pair is now probing below support in the 0.9771-80 area, marked by the 23.6% Fib retracement and the June 1 high. A confirmed break exposes the 38.2% retracement at 0.9723. Resistance remains at 0.9870.

USDCHF_Classic_Technical_Report_07.17.2012_body_Picture_5.png, USDCHF Classic Technical Report 07.17.2012

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

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