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USD/CHF Technical Analysis – Rally Pauses at April Top

USD/CHF Technical Analysis – Rally Pauses at April Top

2014-05-14 22:02:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/CHF Technical Strategy: Flat
  • Support: 0.8859 (61.8% Fib exp.), 0.8829 (50% Fib exp.)
  • Resistance: 0.8896-0.8914 (76.4% Fib exp., Apr 4 close), 0.8956 (100% Fib exp.)

The US Dollar paused to consolidate having reversed upward as expected against the Swiss Franc after forming a bullish Piercing Line candlestick pattern. Prices overcame resistance at a falling trend line set from September 2013 to challenge the 0.8896-0.8914 area, marked by the 76.4% Fibonacci expansion and the April 4 close. A break above this barrier targets the 100% level at 0.8956. Alternatively, a reversal below the 61.8% Fib at 0.8859 exposes the 50% expansion at 0.8829.

Risk/reward considerations argue against entering long with prices sitting squarely at relevant resistance. On the other hand, taking up the short side looks premature without a defined bearish reversal signal. We will remain flat for now, waiting for an actionable opportunity to emerge.

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USD/CHF Technical Analysis – Rally Pauses at April Top

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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