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USD/CHF Technical Analysis: Turn Lower May Be Ahead

USD/CHF Technical Analysis: Turn Lower May Be Ahead

2013-07-02 02:47:00
Ilya Spivak, Head Strategist, APAC
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USD/CHF Technical Analysis- Prices took out resistance at the 0.94 figure, a barrier marked by the underside of a rising trend line set from February and the 38.2% Fibonacci retracement, exposing the 50% level at 0.9484. A Shooting Star candlestick below this level warns a reversal lower may be ahead, with a turn back below 0.94 targeting the 23.6% retracement at 0.9297.Alternatively, a break above resistance aims for the 61.8% Fib at 0.9567.

dailyclassics_usd-chf_body_Picture_6.png, USD/CHF Technical Analysis: Turn Lower May Be Ahead

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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