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Forex Analysis: USD/CHF Classic Technical Report 12.24.2012

Ilya Spivak

Prices moved higher as expected after putting in a bullish Piercing Line candlestick pattern, taking out initial resistance the 23.6% Fibonacci retracement (0.9157). Buyers now target the 38.2% level at 0.9200. The 0.9157 level has been recast as near-term support, with a reversal back below that aiming for the December 19 swing low at 0.9087.

Forex_Analysis_USDCHF_Classic_Technical_Report_12.24.2012_body_Picture_1.png, Forex Analysis: USD/CHF Classic Technical Report 12.24.2012

4hr Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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