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 cautious recovery is now under way, with a break above initial resistance at the 23.6% Fibonacci retracement (0.9369) exposing the 38.2% level at 0.9458. Alternatively, a push below support eyes the 123.6% Fib extension at 0.9056.

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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