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USD/CHF Technical Analysis 06.03.2013

USD/CHF Technical Analysis 06.03.2013

Ilya Spivak, Head Strategist, APAC

USD/CHF Technical Analysis- Prices declined as expected after putting in a Bearish Engulfing candlestick pattern. Sellers took out support at 0.9596, the 38.2% Fibonacci retracement, to expose the 50% level at 0.9522. A further push beneath that eyes the 61.8% Fib at 0.9447. The 0.9596 mark has been recast as near-term resistance, with a move back above that aiming for the May 29 highat 0.9789.

Forex_USDCHF_Technical_Analysis_06.03.2013_body_Picture_5.png, USD/CHF Technical Analysis 06.03.2013

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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