Forex Trading: USD/CHF Not Able To Break Above 38.2% Fibonacci Retracement Level

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Forex Trading: USD/CHF Not Able To Break Above 38.2% Fibonacci Retracement Level

By Greg Michalowski on December 20, 2008 | More Posts By Greg Michalowski | Forex News By FXDD

The USD/CHF was not able to break through the 38.2% retracement level at the 1.1131 level today. The high for the day came in at 1.1127. Asd a result, the pair has moved lower as the weekend approaches.

For the week, the USD/CHF moved down almost from the start. The high for the week occurred in the 1st hour of trading at the 1.1768 level. The low for the week was reached on Thursday at the 1.0410 level. The 1358 range for the week unofficially was the largest move since September 1985 when the high low range was around 1900 pips. From midday Thursday the market corrected over 721 pips, adding volatility to the weeks equation.

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