USD/CHF Technical Analysis: Four-Month Rising Trend Broken
USD/CHF Technical Analysis- Prices declined as expected after putting in a Bearish Engulfing candlestick pattern. Sellers took out support at 0.9355, marked by the 76.4% Fibonacci retracement and a rising trend line set from early February. Sellers now aim to challenge the swing lows in the 0.9205-46 area, with a push beneath that eyeing the 123.6% Fib extension at 0.9056. Alternatively, a move back above 0.9355 targets the 61.8% level at 0.9447.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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