USD/CHF Technical Analysis: Turn Lower May Be Ahead
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- USD/CHF Technical Strategy: Long at 0.9068
- Support:0.9339, 0.9299, 0.9250
- Resistance: 0.9427, 0.9569, 0.9633
The US Dollar may correct lower against the Swiss Franc as negative RSI divergence points to fading bullish momentum. Near-term resistance is at 0.9427, marked by the a rising channel top and the 23.6% Fibonacci expansion, with a break above that on a daily closing basis exposing the 38.2% level at 0.9506. Alternatively, a reversal below the channel floor at 0.9339 clears the way for a challenge of the September 16 low at 0.9299.
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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.