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USD/CHF Technical Analysis 06.06.2013

USD/CHF Technical Analysis 06.06.2013

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 0.9447, the 61.8% Fibonacci retracement, to expose the 76.4% level at 0.9355. This barrier is reinforced by a rising trend line set from early February. A further push below this boundary targets swing lows at 0.9246 and 0.9205. The 0.9447 mark has been recast as near-term resistance, with a move back above that aiming for 50% retracement at 0.9522.

Forex_USDCHF_Technical_Analysis_06.06.2013_body_Picture_5.png, USD/CHF Technical Analysis 06.06.2013

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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