Forex Analysis: USD/CHF Classic Technical Report 11.21.2012

DailyFX

Prices are testing support in the 0.9392-0.9402 area marked by a range top set from late September, the 23.6% Fibonacci retracement, and a rising trend line set from the October 17 low. A bounce here aims for resistance at the 38.2% Fibonacci retracement (0.9503), with a break above that targeting the 50% level at 0.9592. Alternatively, a drop below support aims for the 0.9213-38 region.

View photo

.
Forex_Analysis_USDCHF_Classic_Technical_Report_11.21.2012_body_Picture_5.png, Forex Analysis: USD/CHF Classic Technical Report 11.21.2012

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

To be added to Ilya's e-mail distribution list, please CLICK HERE

New to FX? Watch this Video. For live market updates, visit the Real Time News Feed

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

Rates