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USD/CHF Technical Analysis 05.28.2013

USD/CHF Technical Analysis 05.28.2013

2013-05-28 07:21:00
Ilya Spivak, Head Strategist, APAC
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USD/CHF Technical Analysis- Prices declined as expected after completing a Bearish Engulfing candlestick pattern, taking out the 23.6% Fibonacci retracement at 0.9687. Sellers now challenge the 38.2% level at 0.9596, with a push below that exposing the 50% Fib at 0.9522. The 0.9687 mark has been recast as resistance. A reversal back above that sees the next layer of resistance at 0.9838, the May 22 high.

Forex_USDCHF_Technical_Analysis_05.28.2013_body_Picture_5.png, USD/CHF Technical Analysis 05.28.2013

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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