Daily Forex Update: USD/CHF

When we follow up on the May 11 Daily Forex Update (specifically for the Three Point Extension Fibonacci pattern on the USD/CHF’s 30-minute chart), we see that the Triangle that has formed on the 60-minute chart (below) is now above the 0.382 Fibonacci support at 1.1043 (S1). If this support can hold, it will allow buyers to attempt to rally prices at the 60-minute chart’s downtrend line resistance at 1.1120 (R).