USD/CHF Technical Analysis – A lackluster break higher failed to produce follow-through as we suspected, with prices reversing lower to take out support at 0.9384, the 23.6% Fibonacci expansion. Sellers are now testing the 38.2% level at 0.9326. A push below that targets the 50% Fib at 0.9280. The 0.9384 mark has been recast as near-term resistance, followed by the July 18 high at 0.9477.
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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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