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Forex: USD/CHF Technical Analysis – Choppy Congestion Continues

Forex: USD/CHF Technical Analysis – Choppy Congestion Continues

2014-02-04 12:16:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/CHF Technical Strategy: Flat
  • Support: 0.8986 (23.6% Fib exp.), 0.8947 (trend line)
  • Resistance: 0.9038 (38.2% Fib exp.), 0.9081 (50% Fib exp.)

The Swiss Franc is back under pressure after a modest recovery against the US Dollar yesterday. Prices are retesting support-turned-resistance at 0.9038, the 38.2% Fibonacci expansion, with a close above that exposing the 50% level at 0.9081 anew. Alternatively, a turn below support at 0.8986, the 23.6% Fib, eyes a rising trend line set from mid-December (now at 0.8947).

On balance, price action has produced few trading opportunities over recent weeks, yielding choppy congestion around near-term technical levels instead. An actionable setup remains absent at this point and we will stand aside until a clear-cut entry opportunity presents itself.

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

dailyclassics_usd-chf_body_Picture_11.png, Forex: USD/CHF Technical Analysis – Choppy Congestion Continues

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