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Forex: USD/CHF Technical Analysis – Trying to Expose 0.91 Anew

Forex: USD/CHF Technical Analysis – Trying to Expose 0.91 Anew

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/CHF Technical Strategy: Flat
  • Support: 0.9038 (38.2% Fib exp.), 0.8986 (23.6% Fib exp.)
  • Resistance: 0.9081 (50% Fib exp.), 0.9123 (61.8% Fib exp.)

The Swiss Franc is finding itself under pressure once again, with prices poised to issue a third consecutive day of losses against the US Dollar. Resistance at 0.9123 (50% Fibonacci expansion) is under fire, with a break above that exposing 0.9123 (61.8% Fib). This barrier doubles as the site of a minor double top played out in January.

The close proximity of relevant resistance argues against chasing the move higher from a risk/reward perspective. Betting on a turn lower seems likewise ill-advised absent the presence of a discernible reversal signal. As such, we will opt to remain flat for now.

Confirm your chart-based trade setups with the Technical Analyzer.

dailyclassics_usd-chf_body_Picture_12.png, Forex: USD/CHF Technical Analysis – Trying to Expose 0.91 Anew

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

Contact and follow Ilya on Twitter: @IlyaSpivak

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