USD/CHF Technical Analysis: An Interim Top Established?
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- USD/CHF Technical Strategy: Longat 0.9452
- Support: 0.9651, 0.9537, 0.9377
- Resistance:0.9775, 0.9926, 1.0049
The US Dollar may be forming an interim top against the Swiss Franc marked by the formation of a Bearish Engulfing candlestick pattern. Near-term rising trend line support is at 0.9651, with a break below that on a daily closing basis exposing the 23.6% Fibonacci retracement at 0.9537. Alternatively, a reversal above the 23.6% Fib expansion at 0.9775 opens the door for a challenge of the 38.2% level at 0.9926.
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Daily Chart - Created Using FXCM Marketscope
--- 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.