USD/CHF Technical Analysis: Digesting Gains Near 0.93 Level
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- USD/CHF Technical Strategy: Long at 0.9068
- Support:0.9272, 0.9223, 0.9175
- Resistance: 0.9332, 0.9429, 0.9526
The US Dollar pushed higher against the Swiss Franc as expectedafter putting in a Bullish Engulfing candlestick pattern. Near-term resistance is at 0.9332, the 76.4% Fibonacci expansion, with a break above that on a daily closing basis exposing the 100% level at 0.9429. Alternatively, a reversal below the 61.8% Fib at 0.9272 clears the way for a challenge of the 50% expansion at 0.9223.
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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.