Forex: USD/CHF Technical Analysis – Upside Scenario Favored

DailyFX

To receive Ilya's analysis directly via email, please SIGN UP HERE

USD/CHF Technical Analysis – Prices put in a bullish Piercing Line candlestick pattern above support at a rising trend line set from February 2012, hinting a move higher is ahead. Positive RSI divergence bolsters the case for an upside scenario. Near-term resistance is at 0.9290, the 23.6% Fibonacci retracement, with a break above that targeting the 38.2% level at 0.9378. Trend line support is now at 0.9162.

Confirm your chart-based trade setups with the Technical Analyzer.

View photo

.
dailyclassics_usd-chf_body_Picture_6.png, Forex: USD/CHF Technical Analysis – Upside Scenario Favored

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

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.

View Comments (0)