USD/CHF Technical Analysis: Turn Lower May Be Ahead

DailyFX

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.

View photo

.
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

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.

View Comments