USD/CHF Technical Analysis– Prices declined as expected after completing a Bearish Engulfing candlestick pattern, taking out the 23.6% Fibonacci retracement at 0.9687. Sellers now challenge the 38.2% level at 0.9596, with a push below that exposing the 50% Fib at 0.9522. The 0.9687 mark has been recast as resistance. A reversal back above that sees the next layer of resistance at 0.9838, the May 22 high.
Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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