USD/CHF Technical Analysis: Testing Resistance Below 0.92
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- USD/CHF Technical Strategy: Long at 0.9068
- Support:0.9089-0.9114, 0.9038, 0.8994
- Resistance: 0.9175, 0.9223, 0.9272
The US Dollar pushed higher against the Swiss Franc as expected after putting in a Bullish Engulfing candlestick pattern. Near-term resistance is at 0.9175, the 38.2% Fibonacci expansion, with a break above that on a daily closing basis exposing the 50% level at 0.9223. Alternatively, reversal below support in the 0.9089-0.9114 area marked by the 23.6% Fib and the August 5 close clears the way for a challenge of a rising trend line set from early May, now at 0.9038.
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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.