USD/CHF Technical Analysis– Prices are testing support at 0.9687, the 23.6% Fibonacci retracement, after completing a Bearish Engulfing candlestick pattern. Negative RSI divergence argues in favor of a downside scenario. A break lower confirmed on a daily closing basis exposes the 38.2% level at 0.9596. Near-term resistance is at 0.9838, the May 22 swing high.
Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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