Forex Analysis: USD/CHF Classic Technical Report 11.19.2012
Prices put in a Bullish Engulfing candlestick above support in the 0.9392-0.9402 area marked by a range top set from late September, the 23.6% Fibonacci retracement, and a rising trend line set from the October 17 low. The setup hints at gains ahead, with a break above initial resistance at the 38.2% Fib (0.9503) targeting the 50% retracement at 0.9592. Alternatively, a drop below support aims for the 0.9213-38 region.
Daily Chart - Created Using FXCM Marketscope 2.0
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