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USDCHF Classic Technical Report 10.05.2012

USDCHF Classic Technical Report 10.05.2012

Ilya Spivak, Head Strategist, APAC

Prices took out support at 0.9345, the 14.6% Fibonacci retracement, to expose a rising trend line set from late February (now at 0.9267). A break below this boundary initially exposes the September 14 low at 0.9238. The 0.9345 level has been recast as near-term resistance, with a reversal back above that targeting the 23.6% Fib at 0.9411.

USDCHF_Classic_Technical_Report_10.05.2012_body_Picture_5.png, USDCHF Classic Technical Report 10.05.2012

Daily 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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