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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:0.8965 (trend line), 0.8902-34
  • Resistance: 0.9001 (38.2% Fib exp.), 0.9036-44 (Jun 5 high, 50% Fib exp.)

The US Dollar continues to consolidate against the Swiss Franc after clearing resistance at a falling trend line set from November 2013. Near-term resistance is at 0.9012, the 38.2% Fibonacci expansion, with a break above that on a daily closing basis targeting the 0.9036-44 area marked by the 50% level and the June 5 high. Trend line resistance-turned-support is now at 0.8965. A move back below that exposes a supporting cluster in the 0.8902-34 area.

Current positioning does not offer an actionable trade setup. We will opt to remain on the sidelines for the time being, waiting for a more attractive opportunity to present itself.

Confirm your chart-based trade setups with the Technical Analyzer. New to FX? Start Here!

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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