USD/CHF Technical Analysis- Prices declined as expected after putting in a Bearish Engulfing candlestick pattern. The pair is now testing support at 0.9183, the 38.2% Fibonacci expansion, with a break below that targeting a trend line set from the February 2012 swing low (now at 0.9128). This barrier is reinforced by the 50% Fib at 0.9111. Near-term resistance is at 0.9273, the 23.6% expansion.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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