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USD/CHF Technical Analysis: Dollar Drops to 4-Week Low

Ilya Spivak

USD/CHF Technical Analysis – A lackluster break higher failed to produce follow-through as we suspected, with prices reversing lower to take out support at 0.9384, the 23.6% Fibonacci expansion. Sellers are now testing the 38.2% level at 0.9326. A push below that targets the 50% Fib at 0.9280. The 0.9384 mark has been recast as near-term resistance, followed by the July 18 high at 0.9477.

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dailyclassics_usd-chf_body_Picture_6.png, USD/CHF Technical Analysis: Dollar Drops to 4-Week Low

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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