USD/CHF Technical Analysis: Candle Setup Hints at Pullback
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- USD/CHF Technical Strategy: Longat 0.9452
- Support: 0.9651, 0.9595, 0.9550
- Resistance:0.9685, 0.9745, 0.9784
The US Dollar may be readying to turn lower against the Swiss Franc following the appearance of a bearish Dark Cloud Cover candlestick pattern. Near-term support is at 0.9651, the 23.6% Fibonacci retracement, with a break below that on a daily closing basis exposing the 38.2% level at 0.9595. Alternatively, a turn above the 14.6% retracement at 0.9685 opens the door for a challenge of the 50% Fib expansion at 0.9745.
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com