USD/CHF Technical Analysis: Eyeing Support Near 0.93
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- USD/CHF Technical Strategy: Flat
- Support: 0.9312, 0.9196, 0.9079
- Resistance:0.9456, 0.9545, 0.9689
The US Dollar fell as expected against the Swiss Franc after putting in a bearish Dark Cloud Cover candlestick pattern. A daily close below the 38.2% Fibonacci retracement at 0.9312 exposes 0.9196-0.9205 area marked by a rising trend line set from early May and the 50% level. Alternatively, a reversal above the 23.6% Fib at 0.9456 opens the door for a challenge of the 14.6% retracement at 0.9545.
On balance, the dominant trend has favored the upside for over five months. With that mind, we will look to the current pullback as corrective and position to enter long once selling pressure ebbs rather than aim to take on short exposure.
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com