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Forex: USD/CHF Technical Analysis – Range-Bound Trade Continues

Forex: USD/CHF Technical Analysis – Range-Bound Trade Continues

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/CHF Technical Strategy: Flat
  • Support: 0.8848 (Dec’13 closing bottom), 0.8798 (Dec 27 low)
  • Resistance: 0.8921 (23.6% Fib ret.), 0.8966 (38.2% Fib ret.)

Prices are consolidating above support at 0.8848, the December 2013 closing bottom. Near-term resistance is at 0.8921, the 23.6% Fibonacci retracement, a barrier reinforced by a falling trend line set from late January. A break above this boundary exposes the 38.2% level at 0.8966. Alternatively, a break below support aims for the December 27 low at 0.8798.

Narrow range-bound trading conditions do not offer a clear-cut directional trade setup. From a risk/reward perspective, prices are too close to support to justify a short. On the other hand, a defined bullish reversal signal is absent for now. We will remain flat until something actionable materializes.

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dailyclassics_usd-chf_body_Picture_11.png, Forex: USD/CHF Technical Analysis – Range-Bound Trade Continues

Daily Chart - Created Using FXCM Marketscope 2.0

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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