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Talking Points:
- USD/CHF Technical Strategy: Flat
- Support:0.9987, 0.9859, 0.9695
- Resistance: 1.0132, 1.0313, 1.0604
The US Dollar may be topping against the Swiss Franc having produced a bearish Dark Cloud Cover candlestick pattern. Near-term support is at 0.9987, the 50% Fibonacci expansion, with a break below that exposing the 14.6% Fib retracement at 0.9859. Alternatively, a move above the 61.8% expansion at 1.0132 clears the way for a challenge of the 76.4% threshold at 1.0313.
Positioning is inconclusive at this point. Follow-though on the bearish reversal signal has not materialized thus far and high-profile event risk by way of the FOMC and SNB policy meetings is ahead, threatening to derail technical positioning. With that in mind, we will stand aside for now.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
