USD/CHF Technical Analysis: Support Above 0.95 Exposed
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- USD/CHF Technical Strategy: Longat 0.9452
- Support: 0.9595, 0.9550, 0.9505
- Resistance:0.9651, 0.9685, 0.9745
The US Dollar began to edge downward against the Swiss Franc as expected after producing a bearish Dark Cloud Cover candlestick pattern. Near-term support is at 0.9595, the 38.2% Fibonacci retracement, with a break below that on a daily closing basis exposing the intersection of a rising trend line and the 50% level at 0.9550. Alternatively, a turn above the 23.6% retracement at 0.9651 clears the way for a test of the 14.6% threshold at 0.9685.
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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.