Chart Alert – USD/CHF Caught Between 38.2% And 50% Retracement Levels
February 24, 2013 6:21 am GMT+0 in Chart Alert
USD/CHF had seen a strong down trend during the beginning of June 2010 and August 2011. The currency pair had fallen from the high of 1.7731 to 0.7069. The upward consolidation of this downward move gad found strong resistance near 61.8% retracement level and the currency pair had fallen below the 50% retracement of the same move. Since then this 50% retracement had turned into a resistance. There was a break of this resistance during November 2012 but the price action did not sustain over that and went into a sideways mode between the 38% and 50% retarament levels.
Considering this the 0.9389 resistance level of January’s high becomes a critical resistance as a decisive break over this will also represent a break over the mentioned 50% retracement level resistance. Please check the following weekly chart for USD/CHF.