USD/CHF Technical Analysis 06.05.2013
USD/CHF Technical Analysis- Prices declined as expected after putting in a Bearish Engulfing candlestick pattern. Sellers took out support at 0.9522, the 50% Fibonacci retracement, to expose the 61.8% level at 0.9447. A further push beneath that eyes the 76.4% Fib at 0.9355. The 0.9522 mark has been recast as near-term resistance, with a move back above that aiming for 38.2% retracement at 0.9596.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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