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USD/CHF Technical Analysis 02.13.2013

USD/CHF Technical Analysis 02.13.2013

Ilya Spivak, Head Strategist, APAC

USD/CHF Technical Analysis- Prices put in a Bearish Engulfing candlestick pattern after testing support-turned-resistance a rising trend line set from mid-December, hinting a move lower is ahead. Near-term support is at 0.9129, the 23.6% Fibonacci expansion, with a break below that exposing the 38.2% level at 0.9076. Trend line resistance is now at 0.9205, followed by the December 12 high at 0.9216.

Forex_USDCHF_Technical_Analysis_02.13.2013_body_Picture_5.png, USD/CHF Technical Analysis 02.13.2013

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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