U.S. Markets open in 25 mins

USD/CHF Technical Analysis 06.04.2013

Ilya Spivak

USD/CHF Technical Analysis- Prices declined as expected after putting in a Bearish Engulfing candlestick pattern. Sellers took out support at 0.9522, the 50% Fibonacci retracement, to expose the 61.8% level at 0.9447. A further push beneath that eyes the 76.4% Fib at 0.9355. The 0.9522 mark has been recast as near-term resistance, with a move back above that aiming for 38.2% retracement at 0.9596.

Forex_USDCHF_Technical_Analysis_06.04.2013_body_Picture_5.png, USD/CHF Technical Analysis 06.04.2013

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.