Home Technical Analysis USDCHF: Fibonacci support under-attack as planned!
USDCHF: Fibonacci support under-attack as planned!

USDCHF: Fibonacci support under-attack as planned!

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In accordance with our previous technical comment, which we wrote on May 01 under the title “ USDCHF is bearish below 0.9480” we can see from the first look at the daily chart that, the pair has collapsed towards 0.9215 zones.

The afore-mentioned zone represents the 50% Fibonacci of the bounce from 0.8299 to the significant short-term high placed in the 1.0130 regions.

Know Sure Thing indicator moves lower into negative territories, while Ribbons lines-EMA21 to 55- continued to cover the movements from the topside.

In result, we are still bearish and a break below the 0.9512 support will expose the main technical objective of our analysis at 0.9000 psychological

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Amir El-Araby Co-Founder & Chief Global Strategist at FxComment.com, with 17 years’ experience in the technical analysis studies for FOREX, Commodities and Indices. Amir El-Araby worked as a mentor for many companies and institutes, where he presented new methods for trading in the financial market. Amir is a member of ESTA (Egyptian Society of Technical Analysts). Amir is also the official partner of Harmonic Trader (Mr Scott Carney) and the official instructor of harmonic trader association for Arab countries.

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