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USD/CHF Technical Analysis: Rebound Hinted After Pullback

USD/CHF Technical Analysis: Rebound Hinted After Pullback

2013-08-06 03:49:00
Ilya Spivak, Head Strategist, APAC
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USD/CHF Technical Analysis – Prices broke higher, completing a bullish Falling Wedge chart pattern and exposing the 23.6% Fibonacci expansion at 0.9374. A pullback from this barrier has stalled following a re-test of the Wedge top, a barrier reinforced by a rising trend line set from February (0.9238), with an Inverted Hammer candlestick hinting at renewed upside ahead. Alternatively, a break below support eyes the 0.9200 figure.

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dailyclassics_usd-chf_body_Picture_6.png, USD/CHF Technical Analysis: Rebound Hinted After Pullback

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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