USD/CHF Technical Analysis– Prices declined as expected after putting in a Bearish Engulfing candlestick pattern, with sellers testing below support at the 38.2% Fibonacci retracement (0.9596). A drop below that exposes the 50% level at 0.9522. Near-term resistance is at 0.9789, the May 29 high.
Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya’s e-mail distribution list, please CLICK HERE
New to FX? Watch this Video. For live market updates, visit the Real Time News Feed