USD/CHF Technical Analysis: Narrow Break Higher Suspect

| 19 juli, 2013 | 0 kommentarer

USD/CHF Technical Analysis – Prices cautiously recovered above the 50% Fibonacci retracement at 0.9440, hinting at renewed upside momentum ahead. Near-term resistance is at 0.9513, the 38.2% level. The break higher is extremely narrow at a mere 4 pips however, raising concerns about upside follow-through. A reversal back beneath 0.9440 sees the next layer of support at 0.9367, the 61.8% Fib.

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dailyclassics_usd-chf_body_usdchf.png, USD/CHF Technical Analysis: Narrow Break Higher Suspect

Daily Chart – Created Using FXCM Marketscope 2.0

Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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