USD/CHF Technical Analysis – Support Above 0.89 Holds Up
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- USD/CHF Technical Strategy: Flat
- Support:0.8908, 0.8869-80, 0.8830
- Resistance: 0.8957, 0.9000, 0.9036
The US Dollar appears to be finding interim support above the 0.89 figure against Swiss Franc once again. Sellers have been repelled at the 38.2% Fibonacci retracement at 0.8908 thus far. A reversal back above the 23.6% Fib at 0.8957 from here opens the door for another challenge of the 0.90 figure. Alternatively, a push through support exposes the 0.8869-80 area marked by a falling trend line set from November 2013 and the 50% level.
Prices are too close to resistance to justify entering long from a risk/reward perspective. We will continue to stand aside for now, waiting for an actionable opportunity to present itself.
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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.