USD/CHF Technical Analysis: Digesting Near 16-Month High
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- USD/CHF Technical Strategy: Longat 0.9452
- Support: 0.9556, 0.9512, 0.9359
- Resistance:0.9689, 0.9776, 0.9874
The US Dollar is in consolidation mode having advanced to a sixteen-month high against the Swiss Franc. Near-term resistance is in the 0.9677-89 area, marked by the October 6 high and the 38.2% Fibonacci expansion, with a break above that on a daily closing basis exposing the 50% level at 0.9776. Alternatively, a turn below the 23.6% expansion at 0.9556 opens the door for a challenge of trend line support at 0.9512.
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com