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

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.