Daily Forex Update: USD/CHF

The strong uptrend on the 30-minute USD/CHF chart formed a Three Point Extension thanks to the fact that prices exhausted at the D point, at 1.1120. As long as the high at the D point is not broken to the upside, prices are projected to retrace lower to the Fibonacci support levels (in green), starting with initial support at the 0.382 level, at 1.1043. These represent the support levels based on the USD/CHF’s move from point C to point D; the 0.382 figure represents a 38.2% retracement of the move from point C (at 1.0919) to point D.