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USD/CHF Technical Analysis – Sideways Trade Continues

USD/CHF Technical Analysis – Sideways Trade Continues

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/CHF Technical Strategy: Flat
  • Support:0.8968 (trend line), 0.8902-34
  • Resistance: 0.9001 (38.2% Fib exp.), 0.9036-44 (Jun 5 high, 50% Fib exp.)

The US Dollar remains locked in a narrow range against the Swiss Franc after taking out a falling trend line established from November 2013. The first layer of resistance is at 0.9012, the 38.2% Fibonacci expansion. A daily close above this barrier exposes the 0.9036-44 area marked by the 50% level and the June 5 high. The trend line – now at 0.8968 – has been recast as near-term. A move back below that clears the way for another challenge of the 0.8902-34 zone.

Risk/reward considerations argue against entering short with prices sitting just above support. On the other hand, taking up the long side is premature absent a defined bullish reversal signal. We will remain flat for now.

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USD/CHF Technical Analysis – Sideways 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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