USD/CHF Technical Analysis– Prices declined as expected after putting in a Bearish Engulfing candlestick pattern. The pair is now testing support at 0.9183, the 38.2% Fibonacci expansion, with a break below that targeting a trend line set from the February 2012 swing low (now at 0.9128). This barrier is reinforced by the 50% Fib at 0.9111. Near-term resistance is at 0.9273, the 23.6% expansion.
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