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
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
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.