USD/CHF Technical Analysis – Prices cautiously recovered above the 50% Fibonacci retracement at 0.9440, hinting at renewed upside momentum ahead. Near-term resistance is at 0.9513, the 38.2% level. The break higher is extremely narrow at a mere 4 pips however, raising concerns about upside follow-through. A reversal back beneath 0.9440 sees the next layer of support at 0.9367, the 61.8% Fib.
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Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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