USD/CHF Technical Analysis– Prices pushed higher as expected after putting in a Bullish Engulfing candlestick pattern above the 0.92 figure. Buyers are now challenging resistance at 0.9478, the 50% Fibonacci expansion. A break above that aims for the 61.8% level at 0.9542. A Shooting Star candlestick warns of a possible pullback however. Near-term support is at 0.9414, the 38.2% Fib, with a move beneath that exposing the 23.6% expansion at 0.9334.
Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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