USD/CHF Technical Analysis– Prices declined as expected after putting in a Bearish Engulfing candlestick pattern, taking out support marked by arising trend line set from early February and exposing swing lows in the 0.9205-46 area. A push below that targets the 123.6% Fib extension at 0.9056.Alternatively, a reversal back above the trend line (now at 0.9377) aims for the 38.2% Fibonacci retracement at 0.9458.
Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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