USDCHF Classic Technical Report 09.28.2012
Prices put in a Bearish Engulfing candlestick pattern below resistance at 0.9411, the 23.6% Fibonacci retracement, hinting a move lower is ahead. Initial support lines up at 0.9345, the 14.6% level, with a break below that exposing a rising trend line set from late February (now at 0.9258). Alternatively, a reversal through resistance targets the 38.2% Fib at 0.9518.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. 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 email@example.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.