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USD/CHF Technical Analysis: 0.92 Mark Under Fire

USD/CHF Technical Analysis: 0.92 Mark Under Fire

Ilya Spivak, Head Strategist, APAC

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% Fibonacci extension at 0.9056.The trend line – now at 0.9380 – has been recast as resistance.

dailyclassics_usd-chf_body_Picture_6.png, USD/CHF Technical Analysis: 0.92 Mark Under Fire

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

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