USD/CHF Technical Analysis– Prices declined as expected after putting in a Bearish Engulfing candlestick pattern. Sellers took out support at 0.9596, the 38.2% Fibonacci retracement, to expose the 50% level at 0.9522. A further push beneath that eyes the 61.8% Fib at 0.9447. The 0.9596 mark has been recast as near-term resistance, with a move back above that aiming for the May 29 highat 0.9789.
Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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