USD/CHF Technical Analysis: Move Below 0.96 Hinted Ahead
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- 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.
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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.