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Forex: USD/CHF Technical Analysis – Franc Drops Most in a Month

Forex: USD/CHF Technical Analysis – Franc Drops Most in a Month

2014-03-05 03:01:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/CHF Technical Strategy: Flat
  • Support: 0.8848-66 (Dec’13 bottom, 23.6% Fib ret.), 0.8776 (Feb 28 low)
  • Resistance: 0.8888 (trend line), 0.8921 (38.2% Fib ret.)

The US Dollar continued to recover against the Swiss Franc yesterday, producing the strongest upward push in a month. Prices have cleared resistance in the 0.8848-66 areamarked by the December 2013 closing bottom and the 23.6% Fibonacci retracement. Buyers now aim to challenge falling trend line at 0.8888, with a break above that targeting the 38.2% level at 0.8921. A reversal back below 0.8848 sees the next year of support is at 0.8776, the February 28 low.

Prices are too close to relevant resistance to justify a long position from a risk/reward perspective. On the other hand, a short position seems premature absent a defined reversal signal. We will remain flat for now.

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dailyclassics_usd-chf_body_Picture_11.png, Forex: USD/CHF Technical Analysis – Franc Drops Most in a Month

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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