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USD/CHF Technical Analysis 05.22.2013

USD/CHF Technical Analysis 05.22.2013

Ilya Spivak, Head Strategist, APAC

USD/CHF Technical Analysis- Prices put in a bearish Dark Cloud Cover candlestick pattern hinting a move lower is ahead. Initial support is at 0.9630, the 23.6% Fibonacci retracement, with a break below that eyeing the 38.2% level at 0.9549. Near-term resistance is at 0.9761, the May 17 high.

Forex_USDCHF_Technical_Analysis_05.22.2013_body_Picture_5.png, USD/CHF Technical Analysis 05.22.2013

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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