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USD/CHF Technical Analysis 05.24.2013

USD/CHF Technical Analysis 05.24.2013

2013-05-24 11:08:00
Ilya Spivak, Head Strategist, APAC
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USD/CHF Technical Analysis- Prices are testing support at 0.9687, the 23.6% Fibonacci retracement, after completing a Bearish Engulfing candlestick pattern. Negative RSI divergence argues in favor of a downside scenario. A break lower confirmed on a daily closing basis exposes the 38.2% level at 0.9596. Near-term resistance is at 0.9838, the May 22 swing high.

Forex_USDCHF_Technical_Analysis_05.24.2013_body_Picture_5.png, USD/CHF Technical Analysis 05.24.2013

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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