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USD/CHF Technical Analysis: Move Below 0.96 Hinted Ahead

USD/CHF Technical Analysis: Move Below 0.96 Hinted Ahead

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/CHF Technical Strategy: Flat
  • Support: 0.9554, 0.9391, 0.9259
  • Resistance:0.9654, 0.9716, 0.9794

The US Dollar declined against the Swiss Franc as expected after putting in a bearish Evening Star candlestick pattern. A daily close below the 23.6% Fibonacci retracement at 0.9554 exposes the 38.2% level at 0.9391. Alternatively, a reversal above the 14.6% Fib at 0.9654 clears the way for a test of wedge floor support-turned-resistance at 0.9716.

We will pass on entering short from a tactical perspective. Our long-term outlook calls for a broadly stronger US Dollar against its key counterparts and we will look to an on-coming pullback as an opportunity to get long at more attractive levels rather than a short trade setup.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

USD/CHF Technical Analysis: Move Below 0.96 Hinted Ahead

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.

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