USD/CHF Technical Analysis 06.06.2013
USD/CHF Technical Analysis- Prices declined as expected after putting in a Bearish Engulfing candlestick pattern. Sellers took out support at 0.9447, the 61.8% Fibonacci retracement, to expose the 76.4% level at 0.9355. This barrier is reinforced by a rising trend line set from early February. A further push below this boundary targets swing lows at 0.9246 and 0.9205. The 0.9447 mark has been recast as near-term resistance, with a move back above that aiming for 50% retracement at 0.9522.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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