USD/CHF Technical Analysis: Franc Recovery in the Cards?
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- USD/CHF Technical Strategy: Longat 0.9452
- Support: 0.9663, 0.9530, 0.9441
- Resistance:0.9794, 0.9926, 1.0049
The US Dollar may be on the verge of a turn lower against Swiss Franc telegraphed by the formation of a bearish Rising Wedge chart pattern. The appearance of negative RSI divergence reinforces the probability of a turn lower. Near-term support is at 0.9663, the wedge floor, with a break below that on a daily closing basis exposing the November 19 low at 0.9530. Alternatively, a reversal above the 0.9775-94 area marked by the wedge top and the 23.6% Fib expansion 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.