The US dollar/Swiss Franc currency pair formed a daily engulfing candle on Wednesday. This was followed by an inside consolidation day on Thursday. The recent price action is located just under the 200 period daily SMA as per the chart below. This is also close to the 0.9352 (24/3/13) daily low previous support level. USDCHF has so far failed to see any upside continuation following the engulfing candle, as it trades near this resistance area. Going forward, we will be monitoring any move back to the 0.9250 area for potential support, as this is aligned with the 61.8% Fibonacci retrace of the last leg higher and the ... (full story)