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Forex Analysis: USD/CHF Classic Technical Report 11.22.2012

Forex Analysis: USD/CHF Classic Technical Report 11.22.2012

2012-11-22 11:08:00
Ilya Spivak, Sr. Currency Strategist
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Prices are testing below support in the 0.9375-0.9402 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. A bounce here aims for resistance at the 38.2% Fibonacci retracement (0.9503), with a break above that targeting the 50% level at 0.9592. Alternatively, a drop below support aims for the 0.9213-38 region.

Forex_Analysis_USDCHF_Classic_Technical_Report_11.22.2012_body_Picture_1.png, Forex Analysis: USD/CHF Classic Technical Report 11.22.2012

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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