U.S. Markets close in 3 hrs 40 mins

USDCHF Classic Technical Report 09.28.2012

Ilya Spivak

Prices put in a Bearish Engulfing candlestick pattern below resistance at 0.9411, the 23.6% Fibonacci retracement, hinting a move lower is ahead. Initial support lines up at 0.9345, the 14.6% level, with a break below that exposing a rising trend line set from late February (now at 0.9258). Alternatively, a reversal through resistance targets the 38.2% Fib at 0.9518.

USDCHF_Classic_Technical_Report_09.28.2012_body_Picture_5.png, USDCHF Classic Technical Report 09.28.2012

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, send a note with subject line "Distribution List" to ispivak@dailyfx.com

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.